The Iowa Economic Development Board today agreed to provide loans and tax breaks to a couple of large projects that could create hundreds of jobs in Sioux City and Burlington. In Sioux City, wind blade manufacturer T-P-I Composites is planning a nearly $40 million factory that would employ 500 workers.
T-P-I already has a plant in Newton and announced this week it was cutting the workforce there to 233 workers. Iowa Department of Economic Development spokesperson Kay Snyder says board members are confident workers being laid off will be brought back later this year.
“The company has indicated that they plan to rebound with their employment starting here in the next few months and be up to 500 jobs, they’re estimating, by February,” Snyder said. The board is giving Sioux City a $2.5 million forgivable loan to develop the infrastructure around the proposed plant.
T-P-I will also receive tax credits. The John Morrell plant in Sioux City closed last month, leaving 1,500 without a job.
“In a time when the economy is down, looking to bring 500 jobs to a community which has experienced plant closings and downsizing, this project can be a bright spot for that area,” Snyder said.
The Economic Development Board also approved tax incentives for a Case New Holland expansion project in Burlington. Snyder says the project is expected to create 121 new jobs and retain another 327 jobs. Case New Holland officials say they plan to bring farm equipment to the plant – which currently produces mostly construction equipment.