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Iowa board approves $7M in incentives for new jobs

DES MOINES, Iowa (AP) -- - State economic development officials have offered $7 million in state incentives to companies promising to create 300 jobs.

The Des Moines Register reports Iowa Economic Development Board on Friday offered about $1.3 million in tax credits to St. Paul, Minn.-based 3M Co. to modernize its Ames factory which makes sandpaper products. The company plans to add 75 jobs.

Monsanto Co. will receive $1.5 million in tax credits to expand its Grinnell and Williamsburg seed corn facilities and expand its research facilities in Iowa.

Among the other approved incentives: a company called HF Chlor Alkali received a $75,000 loan and nearly $2 million in tax credits to build a proposed plant in Eddyville to make caustic soda and hydrochloric acid to sell to Cargill. The project would create 18 jobs.

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