SIOUX CITY, Iowa (AP) — A state board has approved $405,000 in tax incentives to help fund Cloverleaf Cold Storage's planned $18 million warehouse expansion in Sioux City.
The Iowa Economic Development Authority Board approved the incentives on Friday, the Sioux City Journal reported (http://bit.ly/2aleWnS ). The Sioux City Council submitted Cloverleaf's application last week.
The incentives are made possible through the authority's High-Quality Jobs program. It includes a refund of states sales, service and use taxes related to construction of the 140,000-square-foot addition to the company's warehouse facility in the Bridgeport industrial area.
Company officials said last week that the addition will add eight new high-paying jobs and bolster warehouse space by 50 percent, allowing it to store more than 750 truckloads of refrigerated food products. It will also offer refrigerated storage to the new Seaboard Triumph Foods pork plant, which is expected to open in mid-2017. The $264 million slaughter and processing plant is under construction in the nearby Bridgeport West Business Park.
Cloverleaf, which has its corporate offices in Sioux City, credited growing output from its local Farmers Produce plant for prompting the warehouse expansion.
Farmers Produce is a subsidiary of Cloverleaf that provides custom, short-run food processing services to the protein production industry.
Cloverleaf was founded in 1952 and operates both ambient and refrigerated food-grade warehouses in 16 locations in the central and eastern United States.
Information from: Sioux City Journal, http://www.siouxcityjournal.com