An Ames antibody manufacturer has announced plans for a $5 million dollar expansion in rural Boone County.
Mg Biologics, a manufacturer of plasma and antibody products, will expand its property at 2366 270th Street, where Boone County overlaps city limits.
The project will enhance the company’s manufacturing, warehouse and research footprint by erecting two new facilities on 80 acres of land. The expansion will also add eight technical positions with a minimum starting wage of $31 per hour, according to a Boone County Economic Growth Corporation press release.
The Iowa Economic Development Authority authorized state funding support for Mg Biologics on June 21. The board approved $225,000 of incentives through Iowa’s High-Quality Jobs Program.
The Boone County Supervisors also approved a local match and resolution of state funds on June 12, supporting the project with tax abatement incentives on a 10-year schedule.
The schedule initiates an 80% abatement for the first year. The amount will decrease by 10% each year for five years: 40% for the fifth and sixth years, 30% for the seventh and eighth years, and 20% for the ninth and 10th years.