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City of Knoxville Providing Support for 3M Expansion

The Knoxville City Council voted to approve support the the 3M expansion project Tuesday evening.

The support comes following the Iowa Economic Division Authority Board awarding $220,000 in direct financial assistance, as well as tax benefits from the High Quality Jobs program for the project. As part of the IEDA’s award a local match of 20% is required. Knoxville City Manager Aaron Adams tells KNIA/KRLS News the city will need to offer a tax abatement of up to 5 years as well as pay $44,000 which is the 20 percent match in funds. He says Tuesday’s approval from the city council was essentially a promise to pay the $44,000 as well as a promise to provide the tax abatement. 3M’s Knoxville location is planning to install additional manufacturing capacity to produce and convert tapes and adhesives. The scope includes a building addition, equipment procurement and installation.The $32 million expansion is expected to create 30 jobs and retain 21 jobs at a wage of approximately $20.76 per hour.