DES MOINES, Iowa — The Iowa Economic Development Authority board approved a multi-million dollar tax credit towards the expansion of Hy-Vee’s headquarters Friday.
The $7.5 million in tax credits for the proposed project would create 102 jobs at the facility and would double in size the company’s conference center and office space. Currently at this location there are 548 jobs.
Hy-Vee anticipates the expansion would be completed in two phases. Beginning with the construction of the conference center in April of this year. The added 72,000 square foot office space expansion is scheduled to begin sometime in 2016. The company estimates the project will take seven years to complete.
The project is expected to cost about $74.6 million.
West Des Moines Community and Economic Development director, Clyde Evans says this project is almost non – existent without the help of the state.
Evans says Hy – Vee is making a huge investment based on the number of high quality jobs the expansion will bring.
“This really hits the sweet spots that the state of Iowa and the city of West Des Moines are trying to hit in terms of attraction of new jobs to the state of Iowa and the community.”
The more the company invests into the community the higher the tax break. Evans says help from the state is essential to help the local economy thrive.
“These are new tax dollars the city is going to have available for them in the future to continue to be able to provide the programs to provide the quality of life that we need to be successful to attract new development,” said Evans.
Hy-Vee headquarters is located in West Des Moines. It is the largest privately owned business in the state with other locations in Illinois, Kansas, Minnesota, Missouri, Nebraska, South Dakota and Wisconsin.