Quantcast
 
New book by Larry Connors Click here Improve your trading - See how


 

Deals OK'd for offering dog treat maker grants to move to area

Wed. November 04, 2009; Posted: 04:08 AM
Stocks RSS
GREAT BEND, Nov 04, 2009 (The Hutchinson News - McClatchy-Tribune Information Services via COMTEX) -- PPUT | Quote | Chart | News | PowerRating -- City and county leaders here approved agreements this week to offer grants to a California dog treat maker to relocate its business to Great Bend.

The company, Long Beach-based Redbarn Pet Products, meanwhile, is negotiating for purchase of the former John Morrell pork packing plant that was shuttered in July. Officials expect any deal to close before the end of the year.

Redbarn officials indicated during several earlier meetings with city and county leaders that it would employ up to 175 people at the plant within two years, offering wages starting at $8.65 an hour.

Under the three-way agreements approved Monday by both the Barton County Commission and the Great Bend City Council, the city and county will each pay Redbarn an upfront $22,500 grant, and then each will offer $800 per full-time job created, up to 175 jobs.

Each entity will draw its $162,500 from existing Economic Development Revolving Loan Funds, said Barton County Administrator Richard Boeckman.

Tapping the revolving loan funds requires that at least 51 percent of the people employed at the plant fall under low- or moderate-income guidelines when hired.

In Barton County, the median family income is $50,400, said Patty Richardson, executive director for Great Plains Development Inc., which administers the loan program within the county. So, to qualify, the annual income for an individual prior to being hired would have to be $29,300 or less -- or about $14 per hour. The mean wage for meatpackers last year, according to Kansas Labor Department figures, was about $12.50 an hour.

For its part, Redbarn must begin production at the plant within six months, reach full employment within two years, and remain in the community at least three years. Half the funding will be paid up front, to help the company relocate and remodel the plant. It could then apply for additional money as jobs are added, Boeckman said.

It has not been determined, he said, how often job creation reports would be required. The company would be required to repay funds only if it closed in that period.

The company was started in California by two friends in 1996. It employs 150 in California and 130 at a plant in South America. Its products are available in stores such as PetCo, Walgreen's and Kroger, and it also has independent distributors.

Company co-founder Howard Bloxam told officials in Great Bend last month it would cost an estimated $2.5 million to $3 million to relocate the plant, including property and equipment acquisition, but that it would give the company room to grow. The closed 150,000-square-foot packing plant was last appraised at $1.8 million.

To see more of The Hutchinson News or to subscribe to the newspaper, go to
http://www.hutchnews.com. Copyright (c) 2009, The Hutchinson News, Kan.
Distributed by McClatchy-Tribune Information Services. For reprints, email
tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax
to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave.,
Suite 303, Glenview, IL 60025, USA.
For full details for PPUT click here.

    


More News:   Market Updates | Stock Alerts | All Trading News | Stock Index

Email
Print
Archives
Feedback
Email Article Link
Close X
Recipients email address
Your name
Your email
Add a note (optional)




Stocks RSS





Related News [PPUT]
  UPCOMING EVENTS
Learn new strategies, how to trade in this market, and the stocks you should be focusing on each day. Join us for our free 20 minute tele-seminars during the week.
* Attendance is strictly limited and are filled on a first-come, first-served basis.
PREMIER SPONSORED LINKS
TRADE CENTER
 
The TradingMarkets Directory
RELATED SITES
Nothing but forex
Please call 1-213-955-5858 ext. 1

About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

© Copyright 2009 The Connors Group, Inc.


All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.

© 2009 The Connors Group, Inc.