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Iowa Premium Beef awarded $20 million fed tax credits

March 22, 2013
Toledo Chronicle, Tama News-Herald

New Hampton banker John Rigler, chairman, Iowa Community Development (ICD) has announced the award of federal New Market Tax Credits for two major projects in Iowa.

ICD awarded $20 million in tax credits to Iowa Premium Beef, the closed processing plant located in Tama.

As part of this $87.5 millionexpansion, 950 jobs will be created. In addition, ICD will provide

Article Photos

Iowa Premium beef- the former Tama Pack on Tama's east side.
News-Herald file/John Speer

$18 million in tax credits to Novelty Ironworks located in Dubuque, IA. This $28 million, multiuse

property project to restore a large portion of the downtown, historic, millwork district will have

an ultimate job creation of 175 to 200 positions.

"Iowa Premium Beef is extremely excited to receive an allocation of New Market Tax Credits

from Iowa Community Development. These credits will serve as a critical piece of our capital

structure allowing us to move forward with a project that will create hundreds of jobs in Iowa and

provide Iowa's cattle producers a local market for their product," said Steve Armstrong,

President of Iowa Premium Beef.

"The ongoing transformation of the historic Dubuque Millwork District into workforce housing and 'live,

work and play' space definitely got a shot in the arm on Friday with ICD's announcement. This award

of New Market Tax Credits serves as the linchpin funding, allowing the Novelty Iron Works project to

proceed full steam ahead into construction," said Dubuque City Manager, Mike Van Milligen. "I think

this announcement marks a tipping point for the efforts underway in the district and momentum will

continue to build."

"We are pleased to assist with these very significant projects in Iowa helping and employing

Iowans. These tax credit investments are in addition to 14 previous awards totaling $134

million. The efforts of Iowa Community Development have materially helped Iowans during

difficult economic times," said Rigler.

Dan Robeson, President of Iowa Business Growth Company has been responsible for

administering the tax credit program for ICD. Robeson said, "Both of these projects are not only

significant to their communities, but also to the vitality of the state of Iowa. One project brings back to

life a beef processing plant that will impact employment and agriculture throughout Iowa, the other

will bring back to life a vacant and decaying historic building providing jobs and housing to the

community while saving a piece of Iowa's rich history."



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