IA: Development Board Approves Awards Initiating $57M Capital Investments
26 Apr, 2017
The Iowa Economic Development Authority (IEDA) board awarded direct financial assistance and tax benefits to seven companies for job creation and expansion projects. These awards will assist in the creation of 204 jobs and will result in over $57 million in new capital investment for the state.
The board approved assistance for planned or proposed projects located in Peosta, Mason City, Mt. Pleasant, Hiawatha, Panora and Monticello.
Peosta manufacturer to relocate to new building
Camso, the Road Free company, is a world leader in the design, manufacturing, and distribution of off-road tires, wheels, rubber tracks and undercarriage systems to serve the material handling, construction, agricultural and powersports industries. Camso is planning to relocate to a new building within Peosta and purchase machinery and equipment. The board awarded Camso $30,400 in direct financial assistance as well as tax benefits from the High Quality Jobs (HQJ) program for this project. The $4.5 million capital investment is set to create 40 jobs, eight of which are incented at a qualifying hourly wage of $21.18.
Cargill proposes expansion of Mason City facility
The board approved HQJ tax benefits for Cargill Kitchen Solutions, which is proposing an expansion of its Mason City facility. The company produces value-added further processed egg products and breakfast entrees for North America. The project represents a $9.8 million capital investment and is expected to create 44 jobs, of which 26 are incented at a qualifying wage of $16.79 per hour. The project includes the accommodation of an additional production line and freezer space.
ContiTech plans $11 million capital investment in Mt. Pleasant
ContiTech USA, Inc., a division of Continental AG, is a producer of rubber and plastics technology with locations across the globe. ContiTech will be expanding its current facility in Mt. Pleasant to house the company’s additional product lines. The board awarded ContiTech $325,000 in direct financial assistance as well as tax benefits through HQJ for this $11 million capital investment. The project is expected to create 41 jobs incented at a qualifying hourly wage of $16.04.
Crystal Group to build new office and manufacturing facility in Hiawatha
Crystal Group is an employee-owned company that designs, manufactures, integrates and supports rugged computer-based systems for intelligence and critical control applications in government and industrial segments. Crystal Group has out-grown its current building and additional space is needed to meet revenue demands. The project represents an $18.6 million capital investment and includes a new office and manufacturing facility within Hiawatha. The board awarded the company $100,000 in direct financial assistance as well as tax benefits via HQJ. The project is expected to create 45 jobs, of which 20 are incented at a qualifying wage of $24.70 per hour.
Nutriom set to make investment in Panora
Nutriom, LLC’s innovative way of drying food maintains the flavor and functionality of the original product without adding chemicals, preservatives or any other additives to the products. The company is planning to establish operations in Panora and transfer assets to Crystal Freeze Dry/Panora Foods LLC upon commencement of its Iowa operations. This $6.5 million capital investment was awarded $150,000 in direct financial assistance as well as tax benefits from HQJ. The project is expected to create 30 jobs, 17 of which are incented at a qualifying hourly wage of $19.92.
ORBIS Corporation receives assistance for expansion project
ORBIS Corporation provides reusable plastic containers, pallets, dunnage and bulk systems that drive supply chain efficiency and reduced waste for the industrial/automotive, food and beverage, and consumer goods/retail supply industries. The company plans to construct an addition to its existing manufacturing plant in Monticello. The addition will consolidate warehousing operations for ORBIS’ catalog business, currently being conducted in multiple locations throughout the Midwest. The company received tax benefits from HQJ for this $4.7 million capital investment. The project is expected to create two jobs incented at a qualifying wage of $16.59 per hour.
Lomont Molding plans to expand in Mt. Pleasant
Lomont Molding, LLC, is a custom plastic molder that specializes in low-pressure structural foam and high-pressure solid injection molded thermoplastic parts. Lomont is expanding its footprint in Mt. Pleasant with additional warehouse space adjacent to the current manufacturing plant. The company received tax benefits from HQJ for this $2.6 million capital investment. The project is expected to create two jobs incented at a qualifying wage of $16.04 per hour.
Download a spreadsheet of the awards: