The Iowa Economic Development Authority (IEDA) board awarded direct financial assistance and tax benefits to three companies for job creation and expansion projects. Today's awards will assist in the creation of 150 jobs, retention of six jobs and will result in almost $16 million in new capital investment for the state.
The board approved assistance for planned or proposed projects located in Sioux City, West Des Moines and Knoxville.
Google to Invest an additional $1 billion in Council Bluffs
In addition, the board approved an amendment request for additional tax incentives through the High Quality Jobs Program (HQJP) for Google’s Council Bluffs project that was originally approved in 2012. Google will create an additional 35 jobs and make an additional $1 billion of capital investment.
Sioux City processed meats producer receives assistance for expansion project
Curly’s Foods is a processed meats producer that supplies product to many national restaurants and grocery stores. The company’s parent company is Smithfield Foods. Curly’s has proposed an expansion of its Sioux City facility with an overall capital investment of approximately $9 million to accommodate increasing demand for cooked product. The board awarded the company tax benefits from HQJP. The project is expected to create 30 jobs, of which eight are incented at a qualifying hourly wage of $20.66 an hour.
Software developer to lease space in West Des Moines
FunnelWise develops software that provides a unified view of a company’s complete revenue funnel, bridging the gap between marketing and sales with a powerful and easy-to-use tool that provides real-time insight into key performance questions. The company plans to lease space in West Des Moines. The board awarded the company $150,000 in direct financial assistance through the HQJP for this $3.3 million project that is set to retain six jobs and create 14 jobs at a qualifying wage of $25.52 per hour.
Weiler set to create 106 jobs in Knoxville
Weiler began operations in Knoxville 15 years ago and manufactures a variety of heavy road equipment products that includes road graders, core saws, concrete mixers and compactors. As a result of current product line sales growth, the company plans to make a capital investment of approximately $6.6 million for a building expansion for manufacturing purposes. The company was awarded $600,000 in direct financial assistance as well as tax benefits via HQJP for this project that is expected to create 106 new jobs at a qualifying wage of $18.95 per hour.
Board awards 18 projects Brownfield/Grayfield Tax Credits
In other action, the IEDA board approved redevelopment tax credits for 18 brownfield and grayfield project across Iowa. The Redevelopment Tax Credit Program provides financial assistance for the acquisition, remediation and redevelopment of eligible Brownfield and Grayfield sites. Eligible Brownfield properties include abandoned, idled or underutilized industrial or commercial facilities where expansion or redevelopment is complicated by real or perceived environmental contamination. Eligible Grayfield properties include abandened public buildings, and industrial or commercial property that has been developed and has infrastructure in place but the property's current use is outdated or prevents a better or more efficient use of the property.
Tax credits are available for up to 24 percent of a qualifying investment in a Brownfield, 30 percent if the project meets the requirements of a green development; or 12 percent of a qualifying investment in a Grayfield,15 percent if the project meets the requirements of a green development. The total tax credits available for FY 2015 is capped at $10 million, with a maximum of $1 million per project.
Download a spreadsheet of today's awards:
http://www.iowaeconomicdevelopment.com/UserDocs/documents/IEDA/apr15awards.pdf
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