The Iowa Economic Development Authority today approved $9.1 million in tax benefits for Kum & Go LC's $92 million relocation to downtown Des Moines.
The credits are contingent on Kum & Go creating 62 jobs that pay at least $18.24 an hour. They are offered through the Enterprise Zone Program.
The company, which says it is outgrowing its current location at 6400 Westown Parkway in West Des Moines, is planning to build a 120,000-square-foot headquarters along Grand Avenue in the Western Gateway.
The company plans to spend $46 million on building construction and $20 million to acquire the land, according to information provided to the economic development board.
Kum & Go plans to pay for the project with help from a $62.5 million loan from JPMorgan Chase & Co. and an estimated $13.4 million from the city of Des Moines in a rebate of tax-increment financing, or TIF, funds.