DAVENPORT, Iowa - A deal to bring hundreds of new jobs to the Quad Cities might be one step closer to being finalized. Davenport city leaders heard more about plans for an east coast company to build a new facility.
City leaders have taken precaution if the company doesn't follow through with its promises.
On Wednesday, January 4, 2017 the owners of Sterilite presented their plans for an expansion in front of the Davenport City Council.
"We’ve done a great deal of research and search for the right site and state and we are excited about working with Davenport and the state of Iowa,” says Sterilite Executive, Peter Stone.
Sterilite is a family owned business based on the east coast. They make plastic bins found in most homes and want to build a new 2.5 million square foot factory on the Eastern Iowa Industrial Center site.
Sterilite is also promising to bring 500 new jobs.
In exchange for creating jobs the city is considering $17.7 million in incentives and a rebate on property taxes for 15 years.
“For example a good share of the reimbursement comes after they pay their taxes so there is not risk from that end,” says Bruce Berger, Director of Planning.
City alderman say there will be penalties if Sterilite doesn't deliver.
“They are generally things that give you a period of time to get to this and if you don't do that then you get less of a rebate and by the second year you're out,” added Berger.
Right now the city doesn't expect any penalties.
“They are a great company to work with and have had success in other communities,” says Berger.
This would be the 7th factory for the company. Sterilite executives say davenport is a good fit.
“I’ve been very pleased with the city of Davenport helping support our search in hoping get this project approved,” says Stone.
Sterilite executives will also meet with state leaders on another incentives package later this month.