The final piece of a financial package is now in place that will allow an international meat processor to expand operations in Waterloo and add hundreds of jobs to the local economy.

The Waterloo City Council unanimously approved a tax abatement plan for Tyson Fresh Meats, Inc., Monday night (Sept. 25, 2017). Under the plan, additional property tax that Tyson would pay on the $28 million project will increase incrementally over the next five years instead of the total being assessed the first year.

Tyson executives announced the multi-million dollar expansion and renovation project on Friday after the Iowa Economic Development Authority awarded the company nearly $2.4 million in tax incentives. The company plans to build a new 56,000 square-foot distribution warehouse in Waterloo and remodel another 18,000 square-feet of space at its existing manufacturing facility to add more production lines.

The project is expected to create 245 jobs with hourly wages of $17.29 or higher. Tyson hopes to begin hiring new workers within six months.

Tyson currently employs 2,900 workers at its Waterloo production plant, making it the city's second-largest manufacturing employer.