NEBRASKA CITY -  Nebraska City commissioners and the city’s taxpayers  joined in the business risk for GoodLife Agriculture’s aquaculture facility with the approval of a $1 million forgivable loan.

Economic Developer Dan Mauk said the $190 million project is unprecedented in scale and the loan is the largest in Nebraska City's LB840 history. 

The city’s economic development fund will stand to receive $30,000 a year in interest on the loan, which is scheduled to be repaid over 10 years. However, portions of the loan are forgivable based upon the company's annual payroll in 2028. Mauk said $10,000 is forgivable for each of the $50,000 blocks in the company payroll.

Dan Mauk

Mauk said he expects the maximum GoodLife Agriculture would be forgiven is $600,000.

Mayor Bryan Bequette noted that the security on the loan is limited to the 28-acres of land soon to be purchased on the North Industrial site.

However, Nebraska City would not be in position to claim a first or second lien on the property. If the business is not successful enough to repay the loan, the land would not be valuable enough for Nebraska City to recoup its $1 million.

Mauk said the project promises $190 million investment in the facility,  job creation and a robust economic impact for years to come.

Mauk: “In my time in this business I’ve seen a lot of large projects, but I haven’t got this far on very many of them. I think it would be very exciting for the community to be able to say there are six million pounds of Atlantic salmon right here in Nebraska City.”

 

Kiel VanderVeen, founder of the forerunner Nebraska Vegetable and Protein, said one of the company’s focuses is being a long-term community partner in terms of a high base wage. He said five starting positions, out of 52, will be at the base wage.

He said the local investment of $1 million helps solidify local control.

 

VanderVeen:  “Obviously our current partner group and locals in the community can’t write the check for this whole thing, so this helps us negotiate and keep local control as much as possible rather than having an outside, European company come in and say ‘no guys, you guys need to maximize profit and squeeze wages down as much as possible.”

Jim Kuhn of the economic development committee  spoke in favor of the Growth Fund loan saying everything GoodLife Agriculture will do from wages to production will put Nebraska City on the map.

Kuhn: “We’ve always dreamt of a big deal like this and now it’s here, so I strongly recommend that we do this.”

Community organizer Doug Friedli said the jobs and increased tax base are among benefits.

 Nebraska City Finance Commissioner Cole Sharp declared a conflict of interest and did not participate in discussion or voting on the Growth Fund loan to GoodLIfe Agriculture

 

Friedli: “Based on his past experience with his previous project and that success, I recommend that you approve this.”

Nebraska Vegetable and Protein paid off a previous Growth Fund loan.

Mayor Bequette described the $1 million loan as the city's way to help the project maintain momentum.

 

https://rivercountry.newschannelnebraska.com/story/51151222/nebraska-city-pursues-tif-for-atlantic-salmon-farming