Iowa City Okays Tax Credit for Alter

The Waterloo, Iowa City Council has approved an investment tax credit of $55,000 for Alter Trading Corp. The credit will be spread out over five years, and is in response to Alter installing an auto shredder at its Waterloo yard. The auto shredder was installed late last year.

The decision by the City Council is an approval of an agreement worked out between the Iowa Dept. of Economic Development and Alter Trading.

They qualified for this award by meeting certain requirements, including

-Offering pension or profit sharing to employees

-Produce or manufacture high value-added goods or services or are in one of the state's targeted industries (metal)

-Annually invest at least 1 percent of pretax profits from the facility in Iowa, or expand under the program in worker training and skills enhancement

-Have an active productivity and safety improvement program, involving management and worker participation and cooperation.  Program will include benchmarks for gauging compliance.   

In this case they qualified for an investment tax credit in the amount of $55,500, which was limited to 1 percent of the qualifying investment as per Department guidelines due to the fact that this project has already been completed at the time of award.

The company pledged 5 new created jobs, all of which meet the definition of "High Quality Jobs" by having a starting wage, including benefits, of 130 percent of the average county wage.

In unrelated news Alter Trading also announced that it has changed the name for all of its scrap processing yards to Alter Metals Recycling.