Monday, September 29, 2008

Wells Dairy Repays Values Fund Money after Failing to Create Jobs

In May I wrote about Wells' Dairy failing to create the jobs they promised when they received taxpayer money under the Iowa Values Fund.

On Friday, Wells Dairy agreed to repay the money...

Wells' Dairy Inc., the maker of Blue Bunny ice cream, has repaid the state $1.25 million of $2.9 million in forgivable loans it received to build a new headquarters in Le Mars.

The state has found Wells' Dairy did not meet its job creation commitments.

The company, which had been mulling a move to Nebraska or South Dakota, had agreed to create 128 jobs and retain 346 existing jobs for a total of 475 positions overall. It had also committed to complete a new $25 million corporate headquarters.

The state's review found that Wells' Dairy fell 158 positions short of its employment projection.

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