Cedar Rapids considering tax incentives for two companies - KWWL - Eastern Iowa Breaking News, Weather, Closings

Cedar Rapids considering tax incentives for two companies

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CEDAR RAPIDS (KWWL) - The City of Cedar Rapids is considering offering tax incentives to two companies, one planning to build and the other planning to expand, in the city. The deals would mean a total of 19 new jobs.

According to the Cedar Rapids Metro Economic Alliance, Apache Inc. is considering a $7.5 million expansion and Lesaffre Yeast Corporation wants to build a $6.5 million plant.

Apache Inc., which currently employs about 315 people, would add 15 new jobs with the expansion. The Lesaffre plant has the potential of creating four new jobs.

According to the Cedar Rapids Metro Economic Alliance, the Cedar Rapids City Council will consider Tax Increment Financing for the Apache Inc. project and State Investment Tax Credits for the Lesaffre plant.

Apache Inc., which fabricates and distributes hose, belting and cut and molded rubber nationwide, wants to add 90,000 square feet of production space to its current facility at 4805 Bowling Street SW. If approved, construction would begin in April 2015.

Lesaffre Yeast Corporation, based in France, provides yeast, yeast extracts and other fermentation related products to customers around the world. While they don't currently have a facility in Iowa, two affiliated companies, Red Star Yeast Company, LLC and Bio Springer North america Corporation, operate plants in Cedar Rapids.

If approved, Lesaffre would begin construction in early 2015.

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