Businesses Seek State Incentives to Expand

Aerial photo of the General Mills plant at 4800 Edgewood Road SW in Cedar Rapids.

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By Rachel Begle

DES MOINES, Iowa (AP) - 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. The company wants a $200,000 loan, $3.2 million in state tax credits, and $85,000 in Alliant Energy tax rebates. The project creates 41 jobs.

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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