Central States Enterprises wants to invest more than $12 million at its grain storage operation in New Haven, according to paperwork filed with the Allen County Department of Planning Services.
The business will seek a seven-year tax abatement that will save $129,000. Central States wants to add a grain receiving system that includes a dump pit, conveyors and dust system.
Officials said the handling machinery will increase uploading capacity.
Last summer, Central States spent $7.9 million on two concrete grain silos and related equipment at its 356 Hartzell Road operations. The company’s growth includes $3.3 million spent four years ago on another concrete grain silo and accompanying components.
In paperwork filed with the county, Central States lists Louis Dreyfus of Claypool, ADM of Decatur Ill., and Zen-Noh Grain in Covington, La., as its largest customers.
Economists split on pace of Fed tapering
Business economists are almost equally divided over whether the Federal Reserve will pare back bond purchases at the current pace through year’s end or take a small breather to let the economy recover further.
The views were unveiled Monday by the National Association for Business Economics. The group conducted its twice-a-year survey of 230 members between Jan. 30 and Feb. 6, before Janet Yellen’s first appearance before Congress as Fed chair.
About 43 percent of group’s members thought the Fed would complete its tapering in the fourth quarter.
About 42 percent thought the tapering would finish in 2015 or later.
At each of the last two policy meetings, the Fed cut bond purchases by $10 billion to the current pace of $65 billion a month. There are seven meetings left in 2014.
US-bound trucks inspected in Canada
U.S. customs officers began Monday to inspect U.S.-bound cargo trucks in Canada under a pilot program intended to relieve congestion at one of the border’s busiest commercial crossings.
Authorities will watch to see whether inspecting trucks on the roomier Canadian side of the Peace Bridge will reduce wait times and pollution-causing idling on the 86-year-old span between Fort Erie, Ontario and Buffalo, N.Y.
The bridge handled 1.2 million truck trips and more than $40 billion in trade last year, making it the third-busiest truck crossing on the U.S.-Canada border. The three-lane span also saw more than 4.7 million passenger cars, more than any other port of entry.
With the U.S. side of the bridge lacking space to increase capacity, lawmakers have for several years wanted to shift some inspections to Canada.
Verizon sees boost in revenue, profit
Verizon Communications said Monday that it’s poised to expand its profit margins and increase revenue this year after the completion of its acquisition of Vodafone Group PLC’s 45 percent stake in its wireless division.
The New York company said it still expects the acquisition to immediately boost its earnings per share by about 10 percent, excluding operational adjustments. The company also is targeting 2014 revenue growth of 4 percent, compared with 4.1 percent in 2013.