November 5, 2009
State of Missouri provided incentives for construction of Crop Production Services facility; public investment in New Madrid port paying off with private investment
Gov. Nixon helps dedicate new warehouse at New Madrid County port, says development of Missouri ports will help state be a leader in nation's transportation needs
MARSTON, Mo. -- Gov. Jay Nixon today helped dedicate a brand new warehouse at the New Madrid County Port that will provide an economic boost to agriculture, transportation and other industries in southeast Missouri. The Missouri Department of Economic Development provided economic incentives to Crop Production Services to build the new fertilizer warehouse, which can hold 51,000 tons (the equivalent of 2,040 truckloads, or 34 barges) of dry fertilizer, and which can unload barges docked in the port in approximately six and a half hours.
"When CPS was considering building this impressive new facility a few years ago, the state of Missouri was able to be a partner in the process through targeted economic incentives," Gov. Nixon said. "More than $284,000 in tax credits helped the company offset its investment costs, and $100,000 in infrastructure grants helped with the improvements needed at the port to meet the warehouse's needs. These enhancements will mean that the company will have a greater capacity to have more product in place on a more timely basis - a critical consideration in agriculture."
The new CPS warehouse represents at $15 million investment of private money in the local economy and will create at least 10 new jobs. In addition, an investment of $3.4 million in federal, state and local public funding in the New Madrid County Port Authority has helped with numerous infrastructure improvements at the port. The state portion of $1.15 million came through the Missouri Department of Transportation.
Gov. Nixon said with the combined investment of $50 million in private money from CPS and the under-construction Agrium facility nearby, that Missourians were seeing an excellent return on their investment.
He also said that Missouri's importance as an inland transportation hub was growing.
"The importance of Missouri ports as a cost-efficient and effective way to move freight, especially agricultural products, will only grow in the coming years, as more ships move through the Panama Canal, and as the ocean ports on the East and West coasts become more congested," the Governor said. "Projects like this are an indicator how Missouri will be one of the nation's leaders in transportation."