Waterloo's Crystal Distribution Approved for IEDA Award
posted on Friday, August 18, 2017 in Blog
CEDAR VALLEY OF IOWA (August 18, 2017) — The Iowa Economic Development Authority (IEDA) today approved a tax credit award for Crystal Distribution Services, Inc. The company qualified for sales tax rebate on construction materials for a $5.5 million expansion project of its Waterloo facility.
IEDA application assistance was provided through the Alliance & Chamber’s business retention and expansion (BRE) services which focus on keeping and growing businesses in the Greater Cedar Valley. These services are provided to any business in the region, including investors in the Alliance & Chamber.
The Greater Cedar Valley Alliance & Chamber economic development team of Lisa Skubal, Vice President of Economic Development, and Cassie Evers, Business Services Coordinator, collaborated with the City of Waterloo and IEDA to assist Crystal Distribution owner Tom Poe with the application process. Their goal was to ensure that the company’s project qualified and was approved this month by IEDA to allow time for construction to begin this year.
On Monday, Waterloo City Council unanimously approved development incentives for Crystal Distribution’s expansion and agreed to serve as a sponsor for the IEDA application.
Today, the IEDA board today awarded this project tax benefits under its High Quality Jobs (HQJ) program which provides qualifying businesses assistance to offset some of the costs incurred to locate, expand, or modernize an Iowa facility. In addition to the capital investment, Crystal Distribution’s project will create one additional job at a qualifying wage of $17.29 per hour.
According to the company’s website, Crystal Distribution provides temperature-controlled warehouse and repackaging services to food processing companies around the world. The company began operation in the Cedar Valley more than 100 years ago by cutting ice from the local river and distributing it around the country. Crystal Distribution is a current investor in the Alliance & Chamber.
Read August 28, 2017, IEDA news release here: Economic Development Board approves awards to support over $48 million in capital investment in Iowa
Read August 15, 2017, The Courier article here: Incentives for Crystal approved