IA: Iowa Econ. Dev. Incentives to Create Over 200 New Jobs at 10 Companies

25 Jun, 2012

The Iowa Economic Development Authority (IEDA) board awarded financial assistance to 10 companies and one community for job creation and expansion projects. Today's awards will assist in the creation of 238 new jobs, retention of 142 jobs and will result in $77 million of new capital investment to the state.

"Today's announcements serve as another example of Iowa's strong economy," said Gov. Terry Branstad. "The projects coming out of the Iowa Economic Development Authority this month will inject not only new jobs into Iowa communities, but also capital investment that will spur even more growth."

The board approved assistance for planned or proposed projects located in Ames, Farley, Hamburg, Dubuque, Polk County, Clinton, Keokuk County, Orange City, Urbandale and Davenport.

"It was a busy month for the IEDA board with 10 companies planning projects in Iowa," said Debi Durham, director of the Iowa Economic Development Authority. "Our sales strategy is continuing to pay off and we are seeing the fruits of that labor."

Amcor Rigid Plastics to make investment in their Ames facility
Amcor Rigid Plastics USA, Inc. provides packaging solutions for products consumers use in everyday life. The Amcor companies have $12.2 billion in proforma sales, employ 35,000 people worldwide and have 300+ sites in 43 countries. The company was awarded $175,000 in direct financial assistance as well as tax benefits to invest in new manufacturing machinery and facility adjustments to accommodate the new machinery. The project will result in a $24 million capital investment and will retain the existing jobs at the facility, of which 97 will be incented.

Farley manufacturer receives award for expansion project
East Iowa Machine Company, Inc. (EIMCo) is an ISO 9001; 2008 certified manufacturing company located in Farley, that converts raw metals into finished component parts and assemblies utilizing state-of-the-art manufacturing processes, which include laser and plasma-flame cutting, robotic welding, and induction heat-treating, along with a full line of computerized numeric controlled (CNC) machining equipment. EIMCo was awarded tax benefits to construct a new 50,000 square foot building on their current site and to purchase equipment to expand production. The project will have a $3.9 million capital investment and is expected to create 11 jobs.

City of Hamburg receives award for levee reinforcement
The City of Hamburg, located in Fremont County in the southwest corner of Iowa, was awarded $500,000 in direct financial assistance to maintain and supplement as needed the existing federal levee and install three new flood-closure gates on highways in and around the city to continue to protect businesses, employees and citizens who represent the majority of industry in Fremont County. The project represents a $2.2 million capital investment.

Heartland Financial to relocate within Dubuque
Heartland Financial is a multi-bank holding company originally formed in Iowa in 1981. The principal business of the bank subsidiaries consists of making loans to and accepting deposits from businesses and individuals. The company is proposing to design space and construct offices in Dubuque's historic downtown Roshek Building. The company was awarded $160,000 in direct financial assistance as well as tax benefits for this endeavor. The project represents a $1.7 million capital investment and is expected to create 50 jobs.

Automotive accessories manufacturer to expand in Polk County
Putco, Inc., a designer and manufacturer of automotive accessories for the automotive aftermarket, plans to expand by constructing a 126,250 square foot facility in Polk County. The board awarded the company tax benefits for this $6 million capital investment, which is expected to create five jobs.

Meat processor to establish operations in Keokuk County
The board awarded tax benefits to Responsible Transportation through the Enterprise Zone program to purchase a meat processing facility which has been closed for several years. The company will renovate the facility to accommodate its operational needs. The early stage company will transport unwanted horses, humanely euthanize, recycle the carcasses and manufacture animal feed. The project is expected to create 27 new jobs and represents a $1.6 million capital investment.

Precision ag-tech Company to open in Ames
The board awarded northern California-based Solum, Inc. $100,000 in direct financial assistance as well as tax benefits to establish a facility for agricultural field measurement in Ames. The Company, founded by three Stanford physicists, develops proprietary hardware and software systems that provide high-resolution soil nutrient information to agricultural retailers, growers, and consultants. The project is expected to create 25 jobs and represents over $2 million in capital investment.

Quatro Composites expected to create 99 new jobs
TEC Industries, LLC (dba Quatro Composites), located in Orange City, is an advanced composite product manufacturer specializing in carbon fiber applications for the aerospace, medical, and industrial manufacturing industries. The company recently qualified for engineering and manufacturing of advanced technology carbon fiber applications in commercial aerospace for The Boeing Company and their sub-tier suppliers. The company was awarded $1.5 million in direct financial assistance as well as tax benefits to expand their corporate and manufacturing capacity to meet recently awarded customer contracts, new business opportunities and growth projections through 2015. This $11.8 million capital investment project is expected to create 99 jobs, of which 90 are incented, and retain 45 jobs, of which 11 are incented.

Van Meter Inc. plans to expand in Urbandale
The board awarded tax benefits to Van Meter Inc. to construct a 70,000 square foot office and regional distribution center in Urbandale to accommodate company growth. The company's existing Des Moines facility will be maintained but Clive operation will be moved to the new facility. The new building will be made up of 20,000 square feet office space for administrative and sales staff, and 50,000 square feet of warehouse space. The site also allows the ability for future expansion of up to 50,000 square feet. The $6.4 million capital investment is expected to create nine jobs.

Von Maur expands Davenport headquarters and distribution center
Von Maur, Inc., based in Davenport, was awarded tax benefits to expand their headquarters and distribution center by 80,000 square feet. The company was founded in 1872 and currently has 27 stores in 11 states. The growth in the retail store's locations in various states has precipitated this proposed expansion, which is expected to create 10 jobs. The project represents a $15.5 million capital investment.