General Mills in Cedar Rapids to get $3.2M in state tax credits - KWWL - Eastern Iowa Breaking News, Weather, Closings

General Mills in Cedar Rapids to get $3.2M in state tax credits

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CEDAR RAPIDS (AP) -

Iowa Economic Development Authority has approved financial incentives for several proposed business expansions, including a big one in Cedar Rapids.

General Mills Cereals is proposing a $58 million project to convert warehouse space in Cedar Rapids to a food manufacturing area.

The company was approved Friday for a $200,000 loan, $3.2 million in state tax credits, and $85,000 in Alliant Energy tax rebates. The project would create 41 jobs.

Loffredo Gardens, a fresh produce distributor, is proposing to build a $7 million food processing facility in Norwalk, creating six new jobs. The company will get up to $401,000 in tax credits.

Carter Lake steel fabricator Owen Industries is proposing a $34 million project to build a new factory adding 16 jobs. The company was awarded a $50,000 loan and $2 million in tax credits.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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