It has been reported that International Paper will be building a $260m plant in Waterloo, Iowa, near the city’s airport. The project is expected to create 90 jobs.
The Waterloo City Council earlier this month unanimously approved a development agreement to sell 66 acres to International Paper for $1 for construction of the plant and a warehouse. It will be the second largest manufacturing facility in the city, and take about two years to build.
The company will receive property tax rebates of 50% for 15 years. After the rebates, the city will receive about $900,000 in annual property taxes, with about $700,000 going into the East Waterloo Unified Tax Increment Financing District and $200,000 to the city’s debt service levy.
The development agreement allows the company to buy an additional 30 acres of land for an additional $1 within the next year.
