WATERLOO, Iowa (From news reports) -- An area paper mill could move and expand into an industrial area for $1.
The City Council could on Monday approve the sale of land at the northeast corner of the CN Railroad and Leversee Road to International Paper Company. The council meets at 5:30 p.m. in City Hall.
International Paper, currently located at 800 W. Parker St., is looking to buy 66 acres of land for $1 to build an 800,000-square-foot industrial building. The company transforms renewable resources into products such as eco-friendly packaging, pulp and other fiber-based products.
The building would have a rail spur extension for the company's manufacturing processes.
The new building would have a minimum assessed value of $40 million and receive tax rebates of 50% for 15 years.
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