Swift Prepared Foods is in line for $13.9 million in state incentives if it goes forward with building an Italian meats plant in Columbia.
The Missouri Development Finance Board last week approved Swift’s application for $3.1 million worth of BUILD incentives over the next 15 years, said Maggie Kost, director of the Missouri Department of Economic Development’s Strategy and Performance Division. In addition, the company will receive $2.9 million from the Statewide Works program, $485,000 from the Missouri Works program and up to $418,687 through the Chapter 100 program, which offers a combination of local and state tax exemptions.
Swift, by state statute, also is eligible for $7 million worth of sales tax exemptions for materials and supplies it would buy to build the plant.
Those incentives come on top of those approved by local government. The Columbia City Council approved $2.3 million in local incentives for the Swift Prepared Foods’ new processing and packaging plant. Unanimously, the council agreed to spend $1.3 million to extend a sewer line to the property at 5008 Paris Road that Swift is considering, as well as an economic development rider that would forgive up to $1 million in electric charges over the next five years. That rider also is available to any other company that comes to Columbia and creates at least 200 full-time jobs that pay wages that are above the Boone County average.
Swift Prepared Foods is a rebranding of Plumrose U.S.A. It is considering a two-phase plan to build a $185 million Italian meat processing and packaging plant. The project will create 251 jobs and result in a $13.23 million annual payroll.
Columbia Public Schools, the Boone County Commission and other taxing entities have already approved Swift’s application for Chapter 100 incentives, which would spare the company $11 million over the next 10 years in real and personal property taxes.
Swift Prepared Foods is a deli meat company with plants in Iowa, Mississippi, Indiana and Vermont. The company is preparing to open a ready-to-eat bacon plant in Moberly. The Columbia plant, if it is built, would produce Italian meats such as pancetta, coppa, salami, pepperoni and prosciutto.