Worth County officials on Monday signed off on $530,000 in state incentives for a chemical plant being built in Manly.<\/p>\n
The incentive package from the Iowa Economic Development Authority will give New Heaven Chemicals $128,000 in loans and $402,000 in tax incentives for the company’s plant at the Manly Terminal.<\/p>\n
The contract requires New Heaven, a subsidiary of TSS Group in India, to create 16 jobs paying at least $14.79 an hour.<\/p>\n
Half of the loans offered in the incentive package, $64,000, don’t have to be paid back if New Heaven meets all terms of the contract.<\/p>\n
The Manly plant will produce sodium methylate, which is used to turn fat and oil into biodiesel.<\/p>\n
Completion is expected by the end of the year. Startup is set for January.<\/p>\n
Worth County Supervisors Ken Abrams and Dave Haugen voted in favor of the contract Monday. Dennis May was absent.<\/p>\n
New Heaven’s plant will bring money into the county, Abrams said.<\/p>\n
“It’s gonna get jobs and people here,” he said.<\/p>\n
County officials will sign the contract later this week.<\/p>\n
In July, Worth County supervisors approved a $30,000 cash incentive and five-year tax-increment financing (TIF) rebate of 100 percent for New Heaven. The money was from the county’s Rural Basic Trust Fund.<\/p>\n
The financial assistance package also calls for the United States Department of Agriculture to guarantee a $5 million loan for the company.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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