Responding to the Albert Lea City Council’s resolution that would moderate the contingency clause attached to an incentive package for rebuilding a plant, Farmland Foods announced Wednesday its satisfaction with the city’s move – though the company remained unclear about its final decision.

Thursday, November 15, 2001

Responding to the Albert Lea City Council’s resolution that would moderate the contingency clause attached to an incentive package for rebuilding a plant, Farmland Foods announced Wednesday its satisfaction with the city’s move – though the company remained unclear about its final decision.

Kansas City-based Farmland Industries received the news about the City council’s decision and expressed that the resolution would be &uot;making it more inviting for Farmland to rebuild a pork processing facility in Albert Lea.&uot;

The contingent clauses consisted of a $5 million cap on the remediation cost and the completion of the Phase II clean-up environmental study on the old site. The Council eliminated the latter clause since the study would take weeks.

Despite the positive response to the resolution, Farmland did not specify the date of the anticipated decision, which the company originally scheduled for early October.

&uot;The company cannot make a decision about building a new plant until it receives settlement information from its insurance company,&uot; according to a Farmland statement.

&uot;We hope to conclude our review and announce our decision in the near future, &uot; wrote Farmland Foods President George Richter.