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IEDA approves aid for Facebook, Vermeer


The Iowa Economic Development Authority board today approved aid for Facebook’s expansion in Altoona and Vermeer’s reconstruction from tornado damage in Pella. The Facebook package included a 20-year local property tax exemption through a program that requires higher-paying jobs, in this case 31 that will pay at least $30.32 per hour. No new state incentives were offered. For Vermeer, the board awarded tax benefits of nearly $6 million to support retention of 406 jobs, 240 of them at $21.61 per hour. Vermeer’s reconstruction is a $118.3 million project. 

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