November 17, 2009
Missouri Development Finance Board to vote on $2 million in bonds for project that will create 124 new jobs
Gov. Nixon expresses support for state incentives for Boehringer Ingelheim Vetmedica expansion in St. Joseph
JEFFERSON CITY, Mo. - Gov. Jay Nixon today called upon the Missouri Development Finance Board (MDFB) to approve $2,066,000 in Missouri BUILD bonds for pharmaceutical and animal health company Boehringer Ingelheim Vetmedica Inc., which is expanding its campus of facilities at its St. Joseph location. The project would represent a $130 million investment by the company in northwest Missouri and would add 124 new jobs and maintain 551 existing positions. The MDFB will hold its monthly meeting this morning in Jefferson City.
"It's critical that we use our state economic tools strategically and effectively to create jobs and jumpstart our economy," Gov. Nixon said. "The state of Missouri has a considerable interest in supporting the expansion of Boehringer Ingelheim Vetmedica, and the solid, high-paying jobs that will accompany it, which will provide another boost to our rebounding economy. I am confident that a vote of approval by the MDFB will send a strong signal of support not only to this company, but also to other businesses in other states looking at Missouri as a potential place to relocate."
Boehringer Ingelheim Vetmedica is planning to expand its existing facilities in St. Joseph by building an onsite centralized office building, expanding its manufacturing plant and broadening its research and development activities. The expansion will allow the company to house its administrative, sales and marketing divisions under one roof; to increase efficiency; and to undergo extensive facility upgrades and purchase new equipment for its manufacturing division, while creating 124 new jobs paying an average wage of $61,000 annually.
The MDFB vote is the second and final step in the process of approving the Missouri BUILD bonds. The Board gave its initial approval to the project at its November 2008 meeting when it considered and passed an intent resolution.
The Missouri BUILD Program provides a financial incentive for the location or expansion of large business projects. The incentives are designed to reduce necessary infrastructure and equipment expenses if a project can demonstrate a need for funding. Eligible applicants are required to invest a minimum of $15 million in capital improvements for a project and create at least 100 new jobs within three years, in return for income tax credits.