Business

City council OKs Cargill letter of intent

Cargill today moved a step closer to getting $14 million in industrial revenue bonds to pay for new machinery and equipment at its plant at 1401 N. Mosley.

Wichita City Council members voted unanimously to approve a letter of intent for the bonds.

Cargill plans to expand the plant, which processes soy beans and extracts the oil, and modernize equipment.

The renovation of the plant will help preserve 45 jobs, according to the application.

Industrial revenue bonds do not involve taxpayer funds but do exempt property purchased with the bonds from state and local taxes.

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