City of Sioux City's helping finance Sabre's newest expansion

SIOUX CITY, Iowa — A local business is getting help from the City of Sioux City with its latest expansion plan.

During Monday's council meeting, Sioux City City Council approved a plan to provide Sabre Industries with up to $6 million in Tax Increment Financing to help that company finance a planned $25 million expansion in the Southbridge Industrial Park, including a new metal galvanizing facility that will create 76 new jobs.

"Just as important is that once you put a galvanizing plant in the area, it has the ability to draw other businesses around to come to it, to use it. It could be a real positive impact, not only for Sabre but for the surrounding area, because of what they'll be able to do with the plant," Mayor Bob Scott said.

Monday night's vote was a preliminary step. The council is expected to consider and approve a formal development agreement with Sabre in the coming weeks.