Iowa insurance company to receive $19 million in incentives after recent layoffs
January 29, 2019 by Kevin Hardy
Sammons Financial Group is on track to receive roughly $19 million in state and local taxpayer incentives a month after the company announced it would lay off workers across four states.
Sammons plans to spend $65 million on new corporate offices in West Des Moines that will bring together all its local employees currently spread across three leased facilities. The Iowa Economic Development Authority on Friday awarded the financial services company $3.8 million in tax refunds and tax credits.
The board was set to vote on those incentives at its December meeting but pulled the agenda item to re-evaluate the project’s eligibility after learning of the layoffs.
Sammons did not publicly disclose the number of affected workers, but economic development officials said jobs created in the Iowa project would outpace those lost through layoffs.
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