IL Governor Announces 155 Jobs With New Business In Monmouth - News and Weather For The Quad Cities -

IL Governor Announces 155 Jobs With New Business In Monmouth

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From the Governor's office. KWQC is there and will have more details later today:

Illinois Governor Pat Quinn announced that Cloverleaf Cold Storage Company will open a $30 million refrigerated warehouse and distribution center that will create 155 local full-time jobs. The facility will serve the Smithfield Farmland Corporation, which has an adjacent site in Monmouth. Today’s announcement follows recent news that Illinois’ unemployment rate is at its lowest point since 2008 and is part of Governor Quinn’s agenda to keep the progress going by creating jobs and driving Illinois’ economy forward.

The 235,000-square-foot refrigerated warehouse and distribution center is the first Illinois site for Cloverleaf, which has 15 locations around the country. Cloverleaf is a family-owned company that dates from 1934 and provides public and contract storage for the meat processing and packaging industries. The company is based in Sioux City, Iowa and has more than 900 employees.

Cloverleaf hopes to expand the new facility to 315,000 square feet within three to five years and increase employment by another 50 jobs.

Cloverleaf will receive an assistance package with an estimated value of $6 million, a major determining factor in the company’s decision to locate in Monmouth. The city of Monmouth and government agencies in Warren County have authorized incentives totaling $3.4 million for the project, most of it in the form of 10-year abatement on property taxes.

Programs from the Illinois Department of Commerce and Economic Opportunity (DCEO) will provide the company an estimated $1.2 million in benefits, including an investment tax credit and a sales tax exemption for being in an enterprise zone. The DCEO package includes a $325,000 grant to the city for infrastructure work associated with the plant. The Illinois Department of Transportation has committed to approximately $1.5 million in road improvements, much of it for widening U.S. Route 67 and a new access road to accommodate truck traffic. DCEO’s agreement with Cloverleaf requires the company to repay a portion of the grant if it fails to hit its target of 155 new jobs by the end of 2015.

Last week, Governor Quinn announced a new company is coming to Galesburg, just a short drive from Monmouth. The company is Pegasus MFG Inc., a provider of precision parts and assemblies that is relocating from California and bringing 17 jobs.

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