Sterilite could create 500 jobs in Iowa
Photo Courtesy/Flickr/Doug Kerr
Sterilite, headquartered in Townsend, will create 500 jobs in Iowa pending receipt of local and state incentives.
If incentives come through, Townsend plastics housewares maker Sterilite Corp. will construct a 2.5-million-square-foot manufacturing and distribution center in Davenport, Iowa, and expects to create 500 jobs at the plant within five years of opening, the city announced on Tuesday.
Sterilite will construct the building on 160 acres next to the Eastern Iowa Industrial Center for $73 million, according to an announcement posted on the city of Davenport’s website. When it’s completed, it will be the largest single building in the city, according to Davenport. The project is contingent on upon approval of state and local incentives. The city is proposing several incentives, including:
- $3 million in a forgivable loan paid out following the certificate of occupancy on the facility.
- $1.26 million in infrastructure brought to the facility.
- $1.8 million in rail spur onto project site.
- $3.35 million in road and intersection improvements next to and leading to the site.
- A 15-year property tax rebate of $8.36 million.
The city is also proposing Sterilite be reimbursed for all property taxes paid for the assessed value portion greater than $64 million, excluding taxes restricted under the state's tax increment financing law.
This will be the seventh location for Sterilite, which is based in Townsend and has a physical presence in Massachusetts, Alabama, Arizona, Ohio, South Carolina, and Texas, according to the city.
The company did not immediately return a request for comment.
WBJ Web Partners
Most Recent
Most Recent
0 Comments