Trucking firm CRST Inc. has received an economic-development incentive from the Cedar Rapids City Council in trade for what the company says will be a $3 million investment to expand its facility at 3930 16th Ave. SW.
The expansion will add 9,012 square feet of space to an existing training facility that is 22,867 square feet in size. The expansion will provide overnight accommodations to employees.
The city’s tax incentive is an urban revitalization tax exemption that will give the company an estimated 44 percent property tax break over 10 years on the new tax revenue coming from the increased value of the property.
Over the 10-year period, the increased property value is expected to provide an additional $242,000 in new property-tax revenue to the city with an additional $190,000 in taxes exempted.
Mayor Ron Corbett, who is a special projects manager at CRST, was out of the city and did not attend Tuesday’s council meeting.