MERRIAM, KAS. — Seaboard Foods Corp. confirmed it is finalizing a $100 million economic development package to upgrade the company’s pork processing facility in Guymon, Okla.
During December 2019, the city council of Guymon approved a new Seaboard Expansion Economic Development Agreement. The proposed developments include approximately $20 million in real property improvements and $80 million in capital investments at the plant.
“Seaboard Foods has been a proud part of the Guymon, Okla., community for 25 years and we appreciate the support of the Oklahoma Panhandle in growing our business,” said David Eaheart, senior director of communications and brand marketing for Seaboard.
The upgrade will be implemented in 2020 in three phases:
• Phase one will include the addition of six new cooler bays, a new engine room to run the entire facility, and a complete purging of the primary ammonia system.
• Phase two will include the construction of a new freezer with the capacity to store 6 million lbs of meat, a box storage facility, and an expansion of the stockyards.
• Phase three will include the construction of a new SNAP Chill in order to replace all of the existing bays in the facility.
Under the economic agreement of the Seaboard Project Plan, Guymon Public School District will receive a $220,000 annual payment from incremental revenues generated in the TIF district. Renovations to the city’s wastewater treatment facility and lagoons that Seaboard uses will be funded by tax increment notes issued by Seaboard to cover the cost of such improvement. This could lead to an aggregate of $3 million should Guymon be unable to obtain alternate financing or unable to secure federal grants.
“We are pleased the TIF will generate additional revenue for the Guymon Public School District, Guymon city improvements and Texas County,” Mr. Eaheart said.
An economic analysis by MarksNelson projected that the upgrades will add 198 new employees to the company, $6.5 million in annual income, $11.2 million in value added to the local economy and $38.5 million in increased economic output.