Archer Daniels Midland and a French company plan to build a 50-million dollar processing plant in Cedar Rapids. Cedar Rapids Mayor Paul Pate says the plant will convert corn syrup into liquid yeast. The yeast’s brand name is Red Star, and it will be sold to big bakeries, like Sara Lee. The new plant will be built next to A-D-M’s existing plant in Cedar Rapids, so it can share power and other utilities. Company officials expect to employ about 90 people at the plant. Pate says construction could begin as early as next month. The new state board which is handing out state grants and loans to companies for expansion projects will on Thursday consider a request from A-D-M for a half a MILLION dollar forgivable loan to help bankroll the project. Pate says folks have been working on the deal for two years. The City of Cedar Rapids has granted some tax breaks and advanced some job training dollars for the project.
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