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Council Approves $55 Million in Business Development Bonds

Bonds are used as incentives for businesses to invest in community.
(ST. JOSEPH, Mo.) The St. Joseph City Council agreed Monday night to grant nearly $55 million of Industrial Development Revenue Bonds to four separate companies for business expansion.

They included Boehringer Ingleheim, Lifeline Foods, Ag Processing, Inc. and Danisco, Inc.

The bonds are used as incentives for the businesses to invest in St. Joseph.

"That says that business is going well if a business is willing and able to invest in their community," said City Manager Bruce Woody after the vote. "It's growing, it's prospering and that's something we want to encourage."

The council voted unanimously in granting the bonds. The bonds give the four businesses better interest rates for the loans along with some future tax breaks.
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