Medical isotope company gets huge tax break in Boone County
BOONE COUNTY —
Boone County Commissioners gave a huge tax break to a new radioactive medicine company on Thursday.
The owners of Northwest Medical Isotopes planned to build a new manufacturing facility in Columbia’s Discovery Ridge Research Park.
Boone County Commissioners said their tax break plan for Northwest Medical Isotopes was not an investment of taxpayer money in any way, shape or form. Commissioners said a performance agreement lowered any financial risk as the radioactive medicine company got millions of dollars in property tax breaks through Chapter 100 bonds.
Presiding County Commissioner Dan Atwill said, “The county is not advancing any funding for this project. None. No taxpayer dollars are going out of the county to improve this facility or property in any way.”
Atwill said county taxpayers would not lose a penny if the company failed. Company officials must report their performance once a year to county commissioners to keep their tax break.
Atwill said, “It’s a verified report of how many employees they have and what their wages are so that we can measure and be sure that they are completing their obligations as agreed upon.”
Northwest Medical Isotopes company officials promise they will bring more than 100 jobs to Columbia with an average pay of $35 an hour.
County commissioners said company officials would not get their tax break if they broke their promise.
Northwest Medical Isotopes workers will use uranium and Mizzou’s nuclear reactor to make their radioactive medicine for patients with cancer and heart disease. Company officials said their $100 million production plant would open in 2021.