Nearly $50 million in business expansions coming to Cedar Rapids
Cedar Rapids leaders say the city is “open for business,” as three local companies plan to invest a combined nearly $50 million in their futures in Iowa.
The yeast extract producer BioSpringer will invest $29 million to build an expansion and buy new machinery.
Worley Warehousing plans to build a new warehouse and distribution facility in southwest Cedar Rapids and purchase new equipment for $15.6 million.
Icon Industrial Services will construct a new headquarters facility for $2.45 million.
Combined, the three companies said these investments will create 26 new jobs in the Cedar Rapids area, but the Cedar Rapids Metro Economic Alliance says they’ll have an even bigger impact.
“So whenever a company makes a multimillion-dollar investment, that investment is on the tax rolls for years and years to come, so it helps the local government out, and it helps out schools,” business retention & expansion strategist Ron Corbett said.
The City of Cedar Rapids plans to provide tax incentives to all three companies for these investments.