(Des Moines) — Another major investor is pitching in on a proposed beef processing facility in Mills County.
Officials with Cattlemen’s Heritage Beef Company Monday announced that Karis Capital of Naples, Florida is investing $150 million in the company’s planned facility on a 132-acre parcel of land near the intersection of Interstate 29 and Bunge Road just south of the Pottawattamie-Mills County line. In a press release, Cattlemen’s Heritage Principal Developer Chad Tentinger states the investment represents a critical milestone, allowing the company to break ground later this year. In a recent interview with KMA News, Tentinger projected an 18-month construction timeline for the project.
“Obviously, the weather and supply chain, all that affects a project of this scale, of course,” said Tentinger. “So, it’s scheduled to be 18 months. It’ll late ’24-early ’25 when we’ll be open and operational.”
Tentinger adds the investment will also allow the company to stabilize bank financing and government incentives for the project. Once completed, the facility is expected to employ about 800 people on site, and another 2,000-to-3,000 ancillary jobs throughout the state. Tentinger adds the project will benefit producers purchasing so-called shackle space for livestock.
“This is a great deal for the state of Iowa, and for the Midwest,” he said. “More importantly, it’s a great deal for the cattle feeders of the Midwest to have another option to sell cattle to a facility that’s designed to make sure the profits aren’t just centered at the processor, but also shared at the family farm.”
Karis Founder and CEO Jake Finley says the project represents “a unique investment opportunity” combining access to capital and development expertise “to an industry in need of modernization.” Finley adds the plant will help meet the consumer demand for low-carbon, high quality beef produced in a sustainable way. This latest announcement follows the recent completion of a land sale for the 2,000-head per day facility in late December.