McLean County Times

More than ever, local and state governments are using the draw of tax breaks to attract businesses to open new locations and expand within their jurisdiction. The goal is clear--achieve economic stimulus in any way possible, especially in the face of a pandemic that has seen the economy stifled from all-time highs. 

In Bloomington, this strategy has paid off already. The chocolate company Ferrero has decided to build a $75 million chocolate factory within Bloomington due to, in large part, the tax breaks that the city is offering the company to expand to the area. 

The effort to convince Ferrero to build the factory in Bloomington was largely led by the Bloomington-Normal Economic Development Council, of which Patrick Hoban heads. 

| Pixabay

Hoban explained that the effort involved much convincing, and as part of the project, Ferrero will not be obligated to pay local or sales tax on the building materials that they purchase for the factory. The proposal process started last spring, and has somewhat been hampered by the coronavirus pandemic, which has cast uncertainty up on all business activities around the country. 

The potential economic boost that Ferrero will be able to bring to the region is significant. It is the world's third-largest chocolate producer. It has also recently acquired additional chocolate factories, including a company that had a factory in Bloomington. 

According to Hoban, Ferrero was also weighing its options in Canada and Mexico, but eventually decided on Bloomington for its new location. As a result of the new factory, the area will gain about 50 new jobs, in addition to the economic stimulus that is created from the construction of the facility. 

An official date for construction has not yet been said, but it seems that Ferrero is committed to keeping the public and city officials updated as to the progress and scheduling of the breaking ground.