April 19, 2024

Tyson gets tax breaks for Iowa expansion project

WATERLOO — Iowa local officials have approved property tax breaks for a Tyson Fresh Meats expansion project expected to create nearly 250 new jobs.

The Waterloo City Council unanimously voted Monday to approve five years of tax abatements to aid the company’s $28 million pork processing plant expansion.

The city has also contributed $2 million in investment tax credits and $396,000 in sales and use tax refunds as incentives to secure the project.

Councilman Tom Lind supported the tax breaks but questioned whether the city should ask Tyson to contribute to local projects, citing the nearby city of Waterloo’s arrangement with Apple Inc.

Waterloo gave almost $190 million in property tax rebates to Apple for its nearly $1.4 billion data center, which is expected to create 50 jobs. Apple committed to donating about $100 million to the city for city projects.

While the city could ask Tyson to contribute to city projects, the company already makes charitable contributions in the area, said Noel Anderson, director of Community Planning and Development.

“Tyson is a very good corporate citizen, sponsoring a lot of activities in the city,” Anderson said.

The project will add a new 56,400-square-foot (5240-square-meter) warehouse. It also includes renovating another 18,250 square feet (1695 square meters) of existing space to add production lines.

Tyson employs almost 2,900 people in Waterloo. The project will add 225 production jobs, 10 maintenance jobs, and 10 management and support jobs.