DYERSVILLE, Iowa — Dyersville City Council members recently endorsed a company’s massive expansion project and committed to providing it with financial incentives.
Puffed-grains manufacturer Ancient Brands Milling plans to build a 92,000-square-foot facility in the city’s 20 West Industrial Center along U.S. 20 to replace its current location in town. The total project cost will be nearly $27 million and is expected to create a minimum of 17 jobs over the next three years at a qualifying wage of $22.63 per hour. That would more than double the company’s current workforce in Dyersville.
The move would create space for new cereal manufacturing equipment and is expected to increase the company’s capacity from 2.5 million pounds to 30 million pounds of puffed product per year, according to state documents.
Jacque Rahe, executive director of Dyersville Economic Development Corp., noted that Ancient Brands recently was awarded $790,000 in tax credits by the Iowa Economic Development Authority Board, but that award was contingent on sponsorship from the City of Dyersville.
While not yet official, the council is poised to offer its standard 80% tax rebate, which will serve as the local match for the state’s offerings. In a resolution the council passed on a 4-0 vote, with Council Member Jim Gibbs absent, the council is promising around $2 million in tax rebates given to the project over 10 years.
Company officials previously said they hope to have the new facility open in April.