WATERLOO — The Iowa Economic Development Authority has approved tax incentives to help two companies expand in Waterloo.
IEDA board members approved investment tax credits and sales tax rebates Friday to help Lincoln Savings Bank expand at the Cedar Valley TechWorks and for Warren Transport Inc. to relocate and expand its headquarters in the Greenbelt Centre business park.
Both projects have already been awarded local property tax rebates through development agreements approved by the Waterloo City Council earlier this month.
Lincoln Savings Bank is planning an $18.3 million project to buy and renovate the top three floors of the Tech 1 building on the downtown Westfield Avenue TechWorks campus. The move will house LSBX, the bank’s venture serving financial technology companies.
The move is expected to create 49 jobs, according to the IEDA application, including 40 that meet or surpass the qualifying $18.49 hourly wage requirement.
IEDA’s High Quality Jobs Program will provide $600,500 in investment tax credits and $357,000 in sales tax refunds for the project.
Warren Transport Inc., a 70-year-old Waterloo company, is moving its headquarters from Beck Avenue into a new trucking facility to be constructed at Cyclone Drive and Titan Trail, northeast of the former Waterloo Greyhound Park.
The $8.65 million project is expected to create four jobs at the qualifying wage level. It will receive an estimated $77,400 in sales tax refunds from the state.
The city has agree to provide $3.24 million in property tax rebates and a $550,000 grant to the Lincoln Saving Bank project, while Warren Transport is slated to get approximately $1 million in property tax rebates.