Ethanol producer ICM says it is planning a $175 million bio-refinery in Colwich.

The company said in a news release Thursday that the plant, ICM Element, will create 50 new permanent jobs, as well as construction jobs.

At full production, the plant will buy more than 22 million bushels of corn and sorghum. ICM says the planning is in its final stages.

The new plant would be on 80 acres just ICM’s main plant in Colwich.

Colwich Mayor Terry Spexarth says the city council is considering providing 10 years of tax abatements. He says after 10 years, the plant could provide about $1.8 million to the community.