Financial assistance for Sterilite project is coming together

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On Thursday, the Iowa Economic Development Authority Board approved $3.1 million in financial incentives for the construction of a $73 million Sterilite Corporation facility in Davenport bringing 500 new jobs and $143.6 million annually in economic impact to the Quad Cities region. 

 The new facility will be constructed on land adjacent to the Eastern Iowa Industrial Center and marks the second major industrial employer in the past year to announce plans to build in that area.  The Eastern Iowa Industrial Center was created through a private/public partnership to spur industrial development north of Interstate 80. 

 In addition to the incentives approved by the Iowa Economic Development Authority Board, the Davenport City Council is also considering $17.8 million in tax rebates over 15 years that will secure Sterilite’s seventh location within the community.  After rebates, area taxing authorities are expected to receive $12.5 million in new taxes over that same 15-year period.  Utility, road, rail, and intersection improvements are among the uses of the City’s incentive to Sterilite. 

 The City Council is expected to vote on establishing the urban revitalization area to allow for the use of tax increment financing as well as the economic development agreement with Sterilite at its January 25 City Council meeting.  Sterilite Corporation is the largest plastics housewares company in North America and has been in operation for over 75 years. Made in the USA, they have locations in Massachusetts, Alabama, Arizona, Ohio, South Carolina and Texas.