Iowa officials agreed Friday to provide a beef processing company with $1.5 million in tax breaks to help finance a $48 million expansion that will double its production.
The Iowa Economic Development Authority Board approved providing the Upper Iowa Beef plant in Lime Springs with about $863,000 in tax credits for job creation and nearly $650,000 in refunds of sales and other taxes the company will spend expanding and equipping the plant.
Upper Iowa Beef, which purchases cattle from about 400 cattle producers in northeast Iowa, said it expects the project will create 172 jobs, the Des Moines Register reported.
In November, U.S. Agriculture Secretary Tom Vilsack said Upper Iowa Beef would receive an $8.8 million federal grant for the expansion. The company said it expects the project will double the plant’s slaughter capacity to 800 cattle a day and boost employment to 350 people.
Upper Iowa Beef sells products to customers in 22 states and seven countries.
For consideration of being featured on WallstreetPR, contact: Editor@Wallstreetpr.com