IA: Economic Development Board Supports $93M in Capital Investments
24 Oct, 2016
The Iowa Economic Development Authority (IEDA) board awarded direct financial assistance and tax benefits to six companies for job creation and expansion projects. These awards will assist in the creation of 198 jobs and will result in $93 million in new capital investment for the state.
The board approved assistance for planned or proposed projects located in Sioux City, Urbandale, Durant, Templeton, Holstein and Le Mars.
Beth Bruening, P.C. set to locate primary offices in Sioux City
Bruening Eye Specialists has been providing comprehensive medical and surgical eye care in the Siouxland area since 2007. The company is located in Dakota Dunes, South Dakota and is the only ophthalmology practice in the 80 mile service area that provides complete medical and surgical eye care to all age groups and willing to serve the Medicaid population. The company is planning to construct a new office building in Sioux City that will serve as its primary location. The board awarded Bruening Eye Specialists tax benefits via the Targeted Jobs Withholding Tax Credit program. This project represents a $1.6 million capital investment and is expected to create 13 jobs, of which six are incented at a qualifying hourly wage of $18.72.
Energy Control Technologies set to expand Urbandale facility
Energy Control Technologies (ECT) engineers high value control solutions for compressors, steam and gas turbines and centrifuges. The Urbandale-based company was founded in 2008 and plans to lease a building to accommodate increases in shipment size and expanded testing. ECT was approved for $37,500 in direct financial assistance through the High Quality Jobs program (HQJP). This $15,000 capital investment project is expected to create 10 jobs at a qualifying wage of $27.92 per hour.
Schumacher Company, LC receives assistance for expansion project in Durant
Schumacher Company, LC is a family-owned and operated business with local subsidiaries around the globe. The company specializes in developing components and systems for harvesting machines and is planning to expand its Durant facility. The project includes consolidating its Iowa operations in Durant, new building construction and purchasing additional equipment. The board approved $50,000 in direct financial assistance as well as tax benefits via HQJP for this $4.6 million capital investment, which is expected to create seven jobs at a qualifying hourly wage of $22.49.
Templeton Rye to move distilling and aging process to Templeton
Templeton Rye Spirits, LLC is looking to expand its operations by moving the distilling and aging process to its facility in Templeton. With this addition in operations, Templeton Rye is looking to expand both its facility and workforce to meet the current and future demand of its products while also expanding into new markets. The board awarded the company tax benefits via HQJP. This $26 million capital investment is expected to create 27 jobs, of which 18 jobs are incented at a qualifying hourly wage of $19.79.
Holstein-based company expected to create 60 jobs
VTI Architectural Products, Inc. (V-T Industries) is a family-owned and operated business headquartered in Holstein. V-T Industries produces architectural wood doors and countertops. The company is proposing a $21 million capital investment project that would expand the current location to accommodate increased production and allow for relocation of existing offices. The company received tax benefits from HQJP for this project, which is expected to create 60 jobs, of which four are incented at a qualifying wage of $19.51 per hour.
Wells Enterprises, Inc. proposes $40 million capital investment in Le Mars
Founded in Le Mars in 1913, Wells Enterprises, Inc. manufactures ice cream and frozen dessert under brand names such as Blue Bunny and Weight Watchers Frozen Novelties. Wells Enterprises is proposing an upgrade and modernization project at the existing facility located in Le Mars. The $40 million capital investment will include the addition of new production lines as well as significant investments and various improvements to the manufacturing facilities. The company was awarded tax benefits from HQJP for this project, which is expected to create 81 jobs incented at a qualifying hourly wage of $19.31.
Download a spreadsheet of the awards: