Waterloo, IEDA Award Incentives for $4.9M Advanced Heat Treat Expansion
posted on Friday, March 23, 2018 in Blog
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WATERLOO, IOWA (March 23, 2018) –The Iowa Economic Development Authority (IEDA) today approved a tax credit award for Advanced Heat Treat Corporation. The Waterloo company qualified for a sales tax credit on construction materials and a 3 percent investment tax credit for a $4.9 million expansion project of its north Waterloo facility.
On Monday, Waterloo City Council had unanimously approved an industrial tax exemption for Advanced Heat Treat's expansion and agreed to serve as a sponsor for the IEDA application.
As a part of the Greater Cedar Valley Alliance & Chamber's business services, support was provided to help Advanced Heat Treat apply for the incentive through IEDA's High Quality Jobs Program.
To assist Mike Woods, President, and Gary Sharp, CEO/Owner, of Advanced Heat Treat, Cassie Grimsman, Business Services Coordinator at the Greater Cedar Valley Alliance & Chamber, worked with IEDA and Adrienne Miller, Planner and Economic Development Specialist with the City of Waterloo.
“Advanced Heat Treat is a great Waterloo entrepreneurial and advanced manufacturing success story,” said Mayor Quentin Hart, City of Waterloo. “We are proud to be the headquarters of a leader in heat treat technology serving manufacturers around the world and thrilled with their continued growth and creation of high-quality jobs.”
The IEDA incentive falls under its High Quality Jobs Program. That program offers businesses financial assistance to encourage businesses to locate and expand in Iowa. Advanced Heat Treat's expansion will create an additional 12 positions at their Midport Blvd location, six of which will pay above the $17.29 qualifying wage rate.
To learn more about Alliance & Chamber services for existing and new businesses throughout the Cedar Valley, contact Cassie Grimsman via email at email@example.com or call the Alliance & Chamber office at 319-232-1156.