WATERLOO, Iowa (KWWL) – The City of Waterloo is planning to expand upon a deep rooted company in Waterloo.
Waterloo City Council Monday voted and passed the first reading of an $8.65 million dollar investment in the Cedar Valley.
Council members voted on a development agreement, site plan and application for state assistance on a brand new 39,600-square-foot facility for Warren Transportation Inc. The facility is approximately 16 acres of land surrounded by Titan Trails, Cylcone and Greyhound Drives in the Greenbelt Centre Business Park.
The development agreement would grant 85% property tax rebates for 11 years and a 35% tax break in year 12 contingent on the project. The rebates would max out at $1 million.
Warren Transport also applied for the Iowa Economic Development Authority’s high-quality jobs program, which provides income tax credits and sales tax rebates.
A requirment for the success of the application will be the creation of four new full-time jobs and a capital investment of $8.65 million.
Warren is the largest carrier of John Deere farm equipment in the city.