Illinois welcomes a brighter future for its commercial construction industry, as Governor JB Pritzker joined state and local leaders along with the Illinois Department of Commerce and Economic Opportunity (DCEO) to celebrate the groundbreaking of Incobrasa Industries' expanded manufacturing facility.
"With Incobrasa's announced expansion today, the company will more than double its production capacity by 2030. That's a win for Gilman, for Illinois, and for the nation. In addition to sustaining and creating new, permanent, good-paying careers, this new $250 million expansion will mean dozens of construction and installation jobs for workers here in Iroquois County and across the region. We're making it easier for companies to do business in Illinois. We're investing in our skilled workforce. And we're modernizing our transportation systems, roads, ports and airports. Illinois is on the rise and open for business."
Governor of Illinois | Governor JB Pritzker
Here's a snapshot of what this expansion entails:
- A whopping $250 million in capital investment
- Creation of 40 new full-time jobs
- Retention of 200 existing jobs, amplifying the economic advantage for both the region and the state
Unpacking the Benefits
Situated in Gilman, the soybean processing plant's new expansions are poised to:
- Boost job opportunities
- Expand commerce and trading prospects
- Elevate production capacities, echoing Illinois' dominance in soybean processing
Incobrasa, a pacesetter in soybean processing, has been cementing its manufacturing footprint in Illinois since 1997. This capital infusion will spearhead:
- A state-of-the-art soybean crushing facility covering 170,000 square feet
- A sustainable 50-acre solar array designed to energize the premises
A Strategic Move Backed by the EDGE Tax Credit
The Economic Development for a Growing Economy (EDGE) tax credit is at the forefront of this monumental initiative. As DCEO Director Kristin Richards elucidated, this credit bolsters Incobrasa’s investment, fostering:
- Job creation
- Capital investment
- Elevated living standards for Illinois' residents
Introduced in 1999, the EDGE tax credit has witnessed extensions, signaling the state's unwavering commitment to commercial progress. The latest extension stretches through June 2027.
Illinois.gov states that Illinois is not only the country's foremost soybean producer but also ranks fourth in biodiesel production and third in consumption. With the envisioned expansion, Incobrasa aims to harness the abundant soybean resources to augment its production of animal feed, packaged vegetable oil, and biodiesel. By 2030, projections indicate a doubling of its production capacity.
The Gilman Plant and the Power of Solar
The Gilman facility's core operation is processing soybeans into valuable commodities like animal feed, packaged vegetable oil, and biodiesel.
A standout feature of this expansion is the 50-acre solar array, capable of producing a stellar 5 megawatts of energy. This green energy can either satiate the plant's power needs or be channeled back into the grid.
The Bottom Line
Backed by the EDGE tax credit, necessitating a minimum capital outlay of $155.8 million, this strategic expansion will:
- Foster job growth
- Preserve existing employment roles
- Amplify production capabilities manifold
A Call to Action: Let's rally behind such sustainable and job-creating initiatives, ensuring a brighter, more prosperous future for Illinois and its hardworking citizens.
Posted by Judy Lamelza