Board OKs incentives for plant expansion, replacement plant
DES MOINES, Iowa (AP) — State incentives have been approved for a plant expansion that could create 32 new jobs in Mason City and construction of a new plant to replace plants destroyed by a tornado near Pella.
The Iowa Economic Development Authority OK’d $6 million Friday for industrial and agricultural equipment manufacturer Vermeer Corp., which is rebuilding its campus. The July 19 tornado destroyed two plants.
Most state economic development programs provide incentives for creating jobs, but emergency provisions let companies qualify for aid without creating new jobs. State documents say the incentives will “enable Vermeer to retain 406 employees who were displaced after the tornado.”
The authority also approved nearly $233,000 in tax credits for a $62.8 million expansion at Kraft Heinz Foods in Mason City.