Galesburg City Council
Galesburg City Council on Monday night is considering a revolving loan in the amount of $250,000 for a business that says they aim to be the industry leader in plant-based protein.
Innovative Proteins is a South Dakota-based venture that will make ingredients for plant-based foods and is opening a plant in Galesburg, bringing several dozen jobs with it.
Council can approve Innovative Proteins for a $250,000 revolving loan for five years at 4.50%.
Aldermen were scheduled to approve this two weeks ago but a documentation error forced the council to table a vote until tonight.
Innovate Proteins plans to renovate and reuse a building located at 701 West 6th Street, on the city’s southern corridor and will create.
The Knox County Area Partnership for Economic Development is supporting this project and their President, Ken Springer, in a letter to council says jobs created will be significantly above the area per-capita wage.
Under rules, the Council passed last year for their business loan program this is a requirement.
Innovative Proteins overall project also involves F&M Bank, which has agreed to provide a $1,500,00 loan and there will be $1,600,000 in owner’s equity.
Aldermen also have a measure on final reading that’s an effort at reducing pedestrian and vehicle conflicts around the Knox College campus.
The Council last month rejected installing stop signs at two intersections on E. South St.
The stretch in question is about six city blocks that comprise the front of the Knox College campus and runs past the courthouse and Corpus Christi Church.
7th Ward Alderman Larry Cox suggested reducing the speed limit to 25 mph and including flashing signs that tell motorists the speed they are traveling.
A majority of aldermen agreed and that’s what up for council consideration.
Council documents say that a reduction in speed limit and the presence of radar feedback signs would serve to slow traffic down but be less impactful to traffic flow in comparison to stop signs.
Knox College has indicated in recent discussions with the city that they would like the proposed radar feedback signs to be installed between Cherry Street and Prairie Street for westbound traffic and between Academy Street and West Street for eastbound traffic.
Knox College has agreed to share in the estimated $8,000 cost estimated to purchase the two signs.
