Economic Development Authority Considering Several Expansion Incentives



The Iowa Economic Development Authority is considering financial incentives for several proposed business expansions. General Mills Cereals is proposing to convert warehouse space in Cedar Rapids to a food manufacturing area. The project cost is $58 million and would create 41 jobs. The company wants a $200,000 loan, $3.2 million in state tax credits, and $85,000 in Alliant Energy tax rebates. Loffredo Gardens, a fresh produce distributor, proposes to build a $7 million food processing facility in Norwalk. The company, creating six new jobs, seeks up to $401,000 in tax credits. Carter Lake steel fabricator Owen Industries is proposing a $34 million project to build a new factory adding 16 jobs. The company seeks a $50,000 forgivable loan and $2 million in tax credits.

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