Board approves award for Deere expansion

The Iowa Economic Development Authority (IEDA) board this afternoon approved an incentive package for Deere & Co., which is proposing to invest nearly $113 million to expand its John Deere Des Moines Works plant in Ankeny. The board approved up to $9.83 million in tax credits through the High Quality Jobs Program for the project. The agricultural equipment maker plans to invest approximately $68 million in construction and equipment costs for a new 300,000-square-foot production facility, along with $45 million in additional research and development expenditures. On Dec. 19, the Ankeny City Council will meet to consider a $4.8 million property-tax rebate as its matching contribution to the project. The rebate would be funded using tax increment finance district revenues over a 15-year period. The city also plans to seek an $8.3 million Revitalize Iowa’s Sound Economy (RISE) grant toward $13 million in road upgrades around the plant. Deere employs approximately 1,300 workers at the Ankeny plant, according to the Business Record’s 2011 Book of Lists. 

The Iowa Economic Development Authority (IEDA) board this afternoon approved an incentive package for Deere & Co., which is proposing to invest nearly $113 million to expand its John Deere Des Moines Works plant in Ankeny.

The board approved up to $9.83 million in tax credits through the High Quality Jobs Program for the project. The agricultural equipment maker plans to invest approximately $68 million in construction and equipment costs for a new 300,000-square-foot production facility, along with $45 million in additional research and development expenditures.

On Dec. 19, the Ankeny City Council will meet to consider a $4.8 million property-tax rebate as its matching contribution to the project. The rebate would be funded using tax increment finance district revenues over a 15-year period.

The city also plans to seek an $8.3 million Revitalize Iowa’s Sound Economy (RISE) grant toward $13 million in road upgrades around the plant. Deere employs approximately 1,300 workers at the Ankeny plant, according to the Business Record’s 2011 Book of Lists.