Cambrex Gets $10 Million in State Tax Credits Towards $150 Million Expansion

A $150 million facility expansion of pharmaceutical manufacturer Cambrex is expected to create over 100 new jobs in Charles City by 2028, the expected completion time frame for the project.

That’s Tim Fox with the Charles City Area Development Corporation (CCADC) addressing the City Council last week about Cambrex’s application with the Iowa Economic Development Authority for $10 million in tax credits towards the project.

Last Friday (05.15), the IEDA approved the Cambrex application, which Fox said was a group effort.

At Monday (05.18) night’s City Council meeting, the Council approved an official resolution supporting the expansion, with the City to rebate about $400,000 in taxes to Cambrex, spread out over nine years.

Councilman Patrick Lumley spoke in favor of the resolution prior to the unanimous vote of approval.

Construction is expected to start on a new 7,700-square-foot facility by June 1st, adding to Cambrex’s 45-acre campus in Charles City.

The $10 million in state tax credits were awarded through the Business Incentives for Growth or BIG Program.