DES MOINES, IOWA — The Iowa Economic Development Authority (IEDA) shared last week that it would provide more than $1.5 million in tax credits to help fund the expansion of Upper Iowa Beef LLC in Lime Spring.
The board said it awarded the benefits through the High Quality Jobs program.
Upper Iowa Beef expects to make a $48 million investment in the project, which is expected to create 172 jobs and expand capacity. IEDA said 33 positions are incented at a qualifying wage of $23.53 per hour.
IEDA shared that $863,401 would come from investment tax credit, and $647,567 will come from sales, service and use tax refunds that go toward equipment and expansion of the plant.
Upper Iowa Beef opened in 2017 and works with 400 independent cattle producers in Northeastern Iowa to purchase livestock from family-owned and operated farms.