$260 Million dollar plant

The International Paper will be building a $260 million dollar  plant in Waterloo,  near the city’s airport. The project is expected to create 90 jobs.

The Waterloo City Council earlier this month  approved a development agreement to sell 66 acres to International Paper for $1 dollar for construction of the plant and a warehouse. It will be the second largest manufacturing facility in the city, and take about two years to build.

The company will receive property tax rebates of 50 percent for 15 years. After the rebates, the city will receive about $900,000 dollars in annual property taxes, with about $700,000 dollars  going into the East Waterloo Unified Tax Increment Financing District and $200,000 dollars  to the city’s debt service levy. The development agreement allows the company to buy an additional 30 acres of land for an additional $1 within the next year.