Ankeny approves Deere development agreement
Tuesday, December 20, 2011 4:46 PM
The Ankeny City Council on Monday approved a development agreement with Deere & Co. that will provide a 15-year partial rebate of property taxes valued at up to $4.8 million.
Deere plans to invest $68 million to build a new 300,000-square-foot factory building at the John Deere Des Moines Works in Ankeny. The city has also endorsed an application to the Iowa Department of Transportation's Restoring Iowa's Sound Economy program for an $8.3 million state grant for the reconstruction of Irvindale Drive and improvements to Third Street to serve the factory.
The Iowa Economic Development Authority board last Friday approved up to $9.83 million in tax credits for the project. Deere employs approximately 1,900 workers at its Ankeny plant, which has added 500 jobs in the past two years, the city said.