Seabury & Smith Inc., an insurance brokerage arm of Marsh & McLennan Companies Inc., is in line to receive nearly $2 million in state incentives for its expansion to a new facility in Urbandale that is expected to create 450 new jobs.

The Iowa Economic Development Board on Thursday will consider whether to approve a $1 million loan to the company, along with sales tax refunds and investment tax credits totaling an estimated $941,825. The awards would be contingent upon the company creating at least 245 new jobs paying an average hourly wage of $26.54 over the next three years. The Community Economic Betterment Account loan package would consist of a five-year, $500,000 zero-interest loan and a $500,000, three-year forgivable loan.

The company plans to move this spring from leased office space in West Des Moines to a new 213,000-square-foot building at Paragon Office Park. The city of Urbandale has already approved a five-year property tax rebate valued at nearly $1.8 million.