NEBRASKA CITY – Nebraska City commissioners are pursuing a tax increment finance plan for GoodLife Agriculture and its $190 million investment in  Atlantic salmon farming on the north side of town.

A company news release says GoodLife Agriculture is using cutting edge technology and traditional farming practices for sustainable aquaculture.

The process involves raising salmon from egg to adult and using the water the fish live in to provide nutrients for aquaponics plants. Fertilizer is also produced from fish waste and emulsion from fish carcasses.

Kiel VanderVeen, co-founder of Nebraska Vegetable and Protein, told commissioners Monday that construction of a facility at the city’s former north industrial site is expected to cost $130 million and equipment will cost another $56 million.

Tax increment financing allows new property taxes created by the development to be used for redevelopment of blighted and substandard land.  Meeting records say $21 million of the project qualifies for TIF and the company is seeking financing for $12 million.

 

City Clerk Randy Dunster said Cline Williams of Lincoln will assist in the creation  of a redevelopment plan and hold public hearings regarding the tax increment financing.

A portion of the development area is outside of city limits and outside of the blighted area that contains the  28-acre industrial site. Development is expected outside of the blighted area as GoodLife Agriculture establishes a source of water and discharge along the Missouri River that is independent of Nebraska City Utilities.

Utilities Manager Jeff Kohrs said it is in the best interest of the utility and the company. He said GoodLife Agriculture does not need water from a treatment plant for its production process and the amount of water the company would need would put a strain on the city’s water treatment plant.

GoodLife Agriculture will have its own wells and its own water discharge system.

City officials say TIF allows for projects to reach beyond borders when it is necessary for the redevelopment of the blighted and substandard area.

The company’s application says the project will result in 40 to 52 employees.  The application says a third party feasibility study indicates a five-year economic impact to be just under $500 million.

 

https://goodlifeagriculture.com/