International Paper, which owns the nation\u2019s largest cardboard recycling mill in Cedar Rapids, will be building a $260 million plant in Waterloo near the city\u2019s airport.<\/p>\n\n\n\n
The project is expected to create 90 jobs paying at least $23.01 per hour, according to the Iowa Economic Development Authority, whose board on Friday awarded tax benefits to the company through the state\u2019s High Quality Jobs program.<\/p>\n\n\n\n
International Paper is one of the world\u2019s leading producers of renewable corrugated packaging and cellulose fibers, with their Iowa locations focused on creating material for fiber-based packaging products.<\/p>\n\n\n\n
The Waterloo City Council earlier this month unanimously approved a development agreement to sell 66 acres to International Paper for $1 for construction of the plant and a warehouse.<\/p>\n\n\n\n
The site is on the west side of the Waterloo Regional Airport near the train tracks on Leversee Road. The 900,000-square-foot warehouse will be five times bigger than the current facility at 800 W. Parker St., where 199 people are employed.<\/p>\n\n\n\n
It will be the second largest manufacturing facility in the city, after the John Deere factory on East Donald Street, and take about two years to build.<\/p>\n\n\n\n
The company also will receive property tax rebates of 50 percent for 15 years. After the rebates, the city will receive about $900,000 in annual property taxes, with about $700,000 going into the East Waterloo Unified Tax Increment Financing District and $200,000 to the city\u2019s debt service levy.<\/p>\n\n\n\n
A connecting rail spur to the plant also will be built by the city. The development agreement allows the company to buy an additional 30 acres of land for an additional $1 within the next year. In addition, the city has the option to buy International Paper\u2019s Parker Street building, though a city official expects a private entity will buy it before the city does.<\/p>\n","protected":false},"excerpt":{"rendered":"
International Paper, which owns the nation\u2019s largest cardboard recycling mill in Cedar Rapids, will be building a $260 million plant in Waterloo near the city\u2019s airport. The project is expected to create 90 jobs paying at least $23.01 per hour, according to the Iowa Economic Development Authority, whose board on Friday awarded tax benefits to<\/p>\n","protected":false},"author":1,"featured_media":15817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[125],"class_list":{"0":"post-15816","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-corrugated-folding-carton","8":"tag-international-paper"},"_links":{"self":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/15816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/comments?post=15816"}],"version-history":[{"count":1,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/15816\/revisions"}],"predecessor-version":[{"id":15818,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/15816\/revisions\/15818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/media\/15817"}],"wp:attachment":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/media?parent=15816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/categories?post=15816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/tags?post=15816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}