SIOUX CITY, Iowa (AP) - A state board has approved $13.2 million worth of tax incentives for a proposed $264 million pork processing plant in Sioux City.
The plant is a joint venture between Merriam, Kansas-based Seaboard Foods and St. Joseph, Missouri-based Triumph Foods and will provide at least 1,100 jobs, the Sioux City Journal reported (https://bit.ly/1AqCykN ).
On Friday, the Iowa Economic Development Authority Board approved an incentive package that includes $7.6 million in job-creation tax credits over a 10-year period, $2.3 million in investment tax credits and $3.2 million in refunds of sales and use tax on construction materials.
The latter two incentives are through the state’s High Quality Job Creation Program, which requires new or expanding employers to meet certain wage and benefit thresholds. More than 200 of the jobs at the proposed plant would qualify for that program.
The starting wage for the 902 production jobs would be around $15 per hour, and salaries for the 208 management and administrative positions would average $53,000 per year.
The 600,000-square-foot plant, with the capacity to slaughter 3 million hogs per year, will be built on a 250-acre site in the city’s Bridgeport West Industrial Park. Grading is scheduled to begin this fall, with completion anticipated for late 2017.
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Information from: Sioux City Journal, https://www.siouxcityjournal.com
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