ADM announced plans Monday for a $350 million soybean crushing plant at the Spiritwood Energy Park Association industrial park.

The plans include redeveloping the former Cargill Malt plant for use in processing soybeans. ADM confirmed that the plant would produce soybean meal and vegetable oil for food, feed, industrial and fuel customers, including producers of renewable diesel.

"It is really a good day for Stutsman County, North Dakota," said Jamestown Mayor Dwaine Heinrich. "There are so many good things to say about ADM coming to the area."

The initial announcement did not include a construction start date but said completion was anticipated in 2023.

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“We’re pleased that this new plant will be open in 2023, as it will provide a significant new market for North Dakota soybean growers while creating good jobs and economic growth," said Sen. John Hoeven, R-N.D. "We appreciate the work of ADM, as well as the governor, the other members of the delegation and the Jamestown/Stutsman Development Corporation for their efforts on this exciting new opportunity.”

"This is absolutely awesome," said Connie Ova, CEO of the Jamestown/Stutsman Development Corp. "This is a decade-changing facility."

The Jamestown/Stutsman Development Corp. approved $2.5 million in forgivable loans and grants Monday as a local incentive for the project. The funding includes a $1 million grant at the time ADM signs a lease with the Spiritwood Energy Park Association, $500,000 at the completion of construction if it is within 24 months of the lease agreement and $500,000 upon proof that ADM has 25 people on the payroll at jobs paying more $20 per hour.

The incentive agreement was passed after an executive session of the JSDC Board of Directors and must be approved by the Jamestown City Council and Stutsman County Commission.

North Dakota Gov. Doug Burgum said the plant will have a major impact on the state's agriculture.

"This soybean processing plant is a gamechanger for North Dakota farmers, adding value and expanding the market for this important crop closer to home while also supporting the production of products such as renewable green diesel right here in North Dakota,” he said. “Now, with innovative leader ADM and collaboration with local economic development and multiple state agencies, this exciting value-added project has come to fruition."

The plant will employ about 70 people and process about 150,000 bushels of soybeans per day.

Discussions with ADM started in 2019. Prior to that, the JSDC and Spiritwood Energy Park Association had an exclusivity agreement with Minnesota Soybean Producers to construct a crushing plant at the Spiritwood location. That agreement was voided after Minnesota Soybean Producers failed to arrange financing.

"We've had an exclusivity agreement with ADM since August 2019," Ova said.

The exclusivity agreement referred to ADM as Company X during that time.

Hoeven said the planned plant will be good for farmers as it will reduce transportation costs for soybeans.

"There is also a big benefit for the small businesses that supply a plant like that," he said.

Hoeven also pointed out this project combines two of North Dakota's major industries.

"One where we are tying agriculture and energy together," he said. "There is so much potential there."

Ova said ADM will likely start work on the project sometime this summer or fall. The project has an estimated 24-month build time with ADM stating it wants to begin operations at the start of the 2023 harvest.