Going hand-in-hand with approval of a $4 million tax credit for job creation issued last week by the state, the Tama City Council approved a local tax increment financing rebate totaling $3,590,025 for Iowa Premium Beef. The action came Monday night, April 21, during the council's regular meeting. Voting in favor were Crystal Kaufman, Steve Baier, Kenny McAdoo, Doug Ray and Mike Carnahan.
The rebate is to be paid over a 10-year period.
The Iowa Economic Development Authority (IEDA) Board approved the High Quality Jobs Program for IPB which plans to reopen the long-closed Tama Pack on the city's east side. The plan calls for creation of 120 full-time jobs offering comprehensive health benefits.
Tama City Council: l-r- Steve Baier, Crystal Kaufman, Mayor Dan Zimmerman, Doug Ray, Mike Carnahan and Kenny McAdoo. City Attorney Dan Rathjen and City Clerk Judy Welch are at right.
The Economic Development announcement said Sysco Holdings is loaning $22.5 million for the project and Sysco / TBI Capital is adding another $13.7 million. Iowa Premium Beef is listed as the source of $11.4 million in cash and equity and Iowa State Bank is making a $1 million loan.