WATERLOO, Iowa (From news reports) -- International Paper, which owns the nation's largest cardboard recycling mill in Cedar Rapids, will be building a $260 million facility in Waterloo near the city's airport.

The project is expected to create 90 jobs paying at least $23.01 per hour, according to the Iowa Economic Development Authority, whose board on Friday awarded tax benefits to the company through the state's High Quality Jobs program.

International Paper is one of the world's leading producers of renewable corrugated packaging and cellulose fibers, with their Iowa locations focused on creating material for fiber-based packaging products.

The Waterloo City Council earlier this month unanimously approved a development agreement to sell 66 acres to International Paper for $1 for construction of the plant and a warehouse.

The site is on the west side of the Waterloo Regional Airport near the train tracks on Leversee Road. The 900,000-square-foot warehouse will be five times bigger than the current facility at 800 W. Parker St., where 199 people are employed.

It will be the second largest manufacturing facility in the city, after the John Deere factory on East Donald Street, and take about two years to build.

The company also will receive property tax rebates of 50 percent for 15 years. After the rebates, the city will receive about $900,000 in annual property taxes, with about $700,000 going into the East Waterloo Unified Tax Increment Financing District and $200,000 to the city's debt service levy.