The state of Iowa has committed $14 million to Iowa Premium to expand its Tama beef processing plant and add nearly 400 jobs.
The company plans to replace its current slaughtering and processing facility with a larger one, doubling its capacity. Iowa Premium plans to spend $561.9 million on the planned 800,000-square-foot plant, according to Iowa Economic Development Authority documents. The state-of-the-art processing facility is expected to open in late 2024.
The incentives are part of the Iowa Economic Development Authority’s High Quality Jobs program. Through the program, Iowa Premium will receive $6 million in investment tax credits and just over $8 million in sales or service tax refunds paid during construction in exchange for a commitment to create a number of high-quality jobs.