Manufacturers, craft brewery plan projects

Three Cedar Rapids business projects were approved Friday for state financial assistance by the Iowa Economic Development Authority Board.

Apache Inc. is planning to add 90,000 square feet of production space to its plant and headquarters at 4805 Bowling St. SW. The company fabricates and distributes hose, belting, cut and molded rubber, and industrial consumer products.

The IEDA Board approved a $75,000 forgivable loan and tax credits from Iowa's High Quality Jobs Program for the $7.3 million expansion. The expansion is expected to create 15 jobs.

The Cedar Rapids City Council approved a 10-year, 50 percent property tax break for Apache's investment, which will save the employee-owned company an estimated $683,702 in property taxes over the 10-year period.

Iowa Brewing Co., a startup business, is planning to operate a $2.75 million production craft brewery in downtown Cedar Rapids. The business, which would occupy a vacant building at 708 Third St. SE, will include brewing, fermenting, aging, packaging and marketing various styles of craft beer and other beverages.

Iowa Brewing was approved for tax credits through the High Quality Jobs Program to create 16 jobs. The company will receive a 44 percent reduction in property taxes over 10 years as a 'core development” project. The tax savings is estimated at $52,668.

Lesaffre Yeast Corp., with two affiliates operating plants in southwest Cedar Rapids, is considering the community for a $6.5 million pilot plant. The plant, which would be built at 1000 60th Ave. SW and next to the Archer Daniels Midland corn processing plant, would add four jobs.

If it chooses Cedar Rapids for its pilot plant, Lesaffre will receive state tax credits through the High Quality Jobs Program. It also has been approved for an urban revitalization tax exemption that will save the company an estimated $117,040 in property taxes.

Gazette reporter Rick Smith contributed to this story.