Keokuk, IA – Keokuk has approved a huge incentive package for the Wisconsin-based businessman looking to build a port terminal and wind-turbine tower manufacturing plant.
The city will borrow $16,000,000 for several companies owned by entrepenuer Ken Hendricks of Beloit, including Hendricks Industries.
The loan will be connected to a tax increment finance district, already located near the proposed businesses, with the revenues from the T-I-F paying off the city's loan.
Hendricks Industries could also receive $4,100,000 over 10 years from the city through the state's Targeted Jobs Withholding Tax Credit Program.
Mayor Dave Gudgel says without these incentives, Hendricks Industries may not have chosen Keokuk for its new plant and the hundreds of jobs coming with it.
Hendricks Industries also received nearly $2,000,000; plus tax credits, from the state for its roughly $35,000,000; 400,000 square foot plant.