Waterloo Approves Incentives for Local Company

WATERLOO, Iowa (AP) — The Waterloo City Council has approved a development agreement that includes financial incentives for a local company.

The package for VGM Group Inc. includes property tax breaks for 10 years and a grant of up to $750,000 for VGM to acquire land for the expansion.

VGM is planning a $20 million, four-story addition to its national headquarters in Waterloo.

VGM President Jim Walsh says the addition is designed to house up to 275 employees, primarily to deal with growth in one of the company's divisions for home medical equipment.

City planning and development Director Noel Anderson says the incentives were designed to ensure the project and the VGM jobs stayed in Waterloo.

The Council approved the agreement last night on a vote of 5-0.