The accompanying pdf file from the Tama County assessor's Office outlines the property involved in the transaction.
Iowa Premium Beef is buying 120 acres of farm ground surrounding the former Tama Pack plant on Tama's east side. Tina Hoffman, marketing and communications director of the Iowa Economic Development Authority, said the deal was signed on Feb. 22 and will close within 30 days.
The purchase price is $1,079,336, she said.
Hoffman said the land had been appraised at the purchase price.
The land has been rented to a local farmer over the past several years.
The property came into the possession of Iowa EconomicDevelopment through the bankruptcy of former plant operator Iowa Quality Beef. It had been used as security for an Iowa Agricultural Finance loan back in 2003-04.
Iowa Premium Beef took ownership of the plant in 2010. Current plans call for the plant to reopen as a custom beef facility officials told a Tama County Economic Development gathering in November.
At that time they stressed no timeline for start up had been established.
On Feb. 18 the Tama City Council voted to offer offered a package of tax incentives to IPB?to aid in the plant's development plans
IPB has also sought a sewer extension to hook up to the City of Tama's system for non-production waste in February.
Tama Pack opened in 1971and continued operations undervarious owners until meatpacking giant IBP closed the plant at the end of 1999.
The plant and adjoining ground was given to the City of Tama in June, 2000.
It was then leased to Wisconsin meat packer Rick Stewart who operated it for about a year before it closed in May , 2002.
Then a group of 950 Iowa area cattle producers formed Iowa Quality Beef and bought the plant from the city for $2.6 million.
The plant reopend in July, 2003, but it again closed in August, 2004, with 540 meat packers losing their jobs.