Sub-Zero Group Chooses Right to Work Iowa

Sub-Zero Group will soon be adding a new manufacturing plant in Right to Work Cedar Rapids, Iowa. In order to accomplish this, the company is investing a total of $140.6 million toward the project. This will also create 192 new jobs. So this is exciting news for both the company and the economy!

From Area Development Magazine:

“We have reached the point that our three main sites are burgeoning and full, so we are seeking a new location to add to our footprint for the next leg of our journey. It’s just a phenomenal fit for us and you.” [“¦]

According to the Iowa Economic Development Authority (IEDA), the board awarded the project a $1.135 million forgivable loan and tax benefits through the HQJ program. 127 of the 192 created jobs are incented at a qualifying wage of $24.20 per hour.

In addition Cedar Rapids City Council approved a term sheet for a 20-year, 75-percent tax exemption. The estimated value of the incentive is $15.4 million. Tax abatement is subject to maintaining employment threshold, which could be reduced if employment threshold is not maintained.

“So many people are involved in an effort like this. [“¦] Congratulations to all on this success. It demonstrates again the importance of constantly pursuing business attraction and business expansion projects to keep our economy marching forward.”

AREA DEVELOPMENT MAGAZINE

To read the previous Area Development update on Right to Work states, click here.

To read more updates on Right to Work states, click here.