Politics & Government
Pioneer to Keep Growing Thanks to Johnston Tax Incentives
The city of Johnston has created a new tax increment financing district to help Pioneer receive tax incentives. Leaders expect the project will bring 100 jobs to Johnston.
A new tax increment financing district approved by the Johnston City Council last week will help ensure DuPont Pioneer can receive financial incentives from the city for a research building planned to be completed in 2014, the Des Moines Register reports.
A public hearing on the incentive agreement between the city and Pioneer is set for the July 1 council meeting.
The city established the TIF district to include 38 acres on which the company plans to develop the 180,000-square foot building for research and office space, the newspaper said. Pioneer plans to house around 400 employees in the building, bringing the city 100 new jobs.
By establishing the new district, the city can provide a property tax rebate to DuPont Pioneer, City Administrator Jim Sanders told the Register. Plans call for the city to rebate 80 percent of the property taxes paid on the development over a five-year period after construction is finished.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.