The Iowa Economic Development Authority (IEDA) board this afternoon approved an incentive package for Deere & Co., which is proposing to invest nearly $113 million to expand its John Deere Des Moines Works plant in Ankeny, Iowa.
The board approved up to $9.83 million in tax credits through the High Quality Jobs Program for the project. The agricultural equipment maker plans to invest approximately $68 million in construction and equipment costs for a new 300,000-square-foot production facility, along with $45 million in additional research and development expenditures.
The Ankeny City Council will meet Dec. 19 to consider a $4.8 million property-tax rebate as its matching contribution to the project. The rebate would be funded using tax increment finance district revenues during a 15-year period.
The city also plans to seek an $8.3 million Revitalize Iowa’s Sound Economy (RISE) grant toward $13 million in road upgrades around the plant. Deere employs approximately 1,300 workers at the Ankeny plant, according to the Business Record’s 2011 Book of Lists.