116 3rd St SE
Cedar Rapids, Iowa 52401
State approves contract extension on Cedar Crest incentives
Dave DeWitte
Apr. 23, 2012 3:33 pm
The Iowa Economic Development Authority approved a contract modification request last week from Cedar Crest Manufacturing in Cedar Rapids.
Cedar Crest, which supplies custom-printed writing instruments, was granted tax benefits under the state's enterprise zone program in February 2009.
The authority's board last week considered a request from Cedar Crest for a 12-month extension of time to fulfill its obligations under the contract and to substitute $370,0000 in lease payments for machinery and equipment purchases, according to authority spokeswoman Tina Hoffman.
The board granted a six-month extension instead of a 12-month extension but approved the substitution of lease payments for purchases.
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