A radioactive isotope manufacturer is one step closer to receiving a significant tax abatement after a Columbia City Council work session Monday night.
Northwest Medical Isotopes is asking for a Chapter 100 real and property tax reduction of 50 percent over 10 years. The facility, which would be built in Discovery Ridge Research Park, is estimated to cost $108 million, including $50.5 million allocated for the building and a $9 million contingency fund. Northwest estimates its new headquarters will create 104 jobs in Boone County with a pay rate of about $35 an hour.
The company will be working with the MU Research Reactor to produce the radioactive isotope Molybdenum-99, which is used to diagnose cancer and other diseases. It is not currently produced anywhere in the U.S.
Ralph Butler, a representative for Northwest Medical Isotopes, said at Monday’s session that the cost of construction fits the complexity of the building. He also described what the facility would do.
“The objective of Northwest Medical Isotopes is to produce a radioactive substance on a weekly basis about the size of that Sprite soda can there,” Butler said, gesturing to a can in front of City Manager Mike Matthes.
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