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.â€
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.