IA: Board Approves Awards to Support 699 New Jobs, $125M Capital Investment
21 Mar, 2019
The Iowa Economic Development Authority (IEDA) Board awarded tax benefits to five companies for job creation and expansion projects. These awards will assist in the creation of 669 jobs and will result in more than $127 million in new capital investment for the state. The board approved assistance for planned or proposed projects located in Ames, Davenport, Dubuque, Forest City and in rural Sioux County.
Manufacturing company to expand in Davenport
Carleton Life Support Systems, Inc., (CLSS), part of the Cobham Mission Systems and the Cobham plc Aerospace Systems Group, is headquartered in Davenport. The company’s Davenport location is primarily used for design, development, fabrication, assembly and testing of complex military hardware. CLSS plans to renovate its existing location to accommodate growth – both in workforce and production. The board awarded this $29.6 million capital investment direct financial assistance and tax benefits from the High Quality Jobs (HQJ) program. The project is expected to create 150 jobs, incented at a qualifying wage of at least $19.30 per hour.
Financial institution to establish headquarters in Dubuque
Dupaco Community Credit Union is a not-for-profit, member-owned financial cooperative headquartered in Dubuque. Dupaco offers financial services and products for individuals and small businesses. The company plans to rehabilitate the Voices building in the Millwork District of Dubuque, turning the top three floors into its headquarters location for back-of-office support services such as IT, administration and operations. The board awarded Dupaco Credit Union tax benefits from the HQJ program for its $32.4 million capital investment. The project is expected to create 40 jobs, 20 of which are incented at a qualifying wage of at least $19.04 per hour.
First renewable diesel project in Iowa to locate in Sioux County
ReadiFuels-Iowa, LLC is a newly created entity started by Applied Research Associates, Inc. (ARA) and C&N Biofuels, LLC. The company will utilize a variety of feedstocks to produce approximately 34 million gallons of renewable diesel and renewable naphtha annually – the first facility of its kind in the state. ReadiFuels-Iowa plans to construct a new production facility utilizing existing infrastructure at a partially abandoned property near Hull in Sioux County. The board awarded the company tax benefits from HQJ for this $58.7 million capital investment. The project is expected to create 31 jobs, of which 27 are incented at a qualifying wage of at least $20.47 per hour.
Software company to expand operational headquarters in Ames
Launched in September 2017, Vertex Software offers a cloud-based software platform enabling manufacturers to collaborate throughout the extended enterprise. Due to a recent platform launch, Vertex plans to construct a new facility to house its expanding workforce. The board awarded Vertex Software direct financial assistance and tax benefits from the HQJ program for its $1.6 million capital investment. The project is expected to create 300 jobs incented at a qualifying wage of at least $26.11 per hour.
Forest City manufacturer expands existing facility
Founded in Forest City, Winnebago Industries, Inc. manufactures outdoor lifestyle products under the Winnebago, Grand Design and Chris-Craft brands. The company builds motorhomes, travel trailers and fifth wheel products and has recently entered the marine market with the acquisition of Chris-Craft boats. Winnebago plans to expand its current manufacturing footprint in Forest City, converting existing warehouse space to make room for a production line previously manufactured in Oregon. This $5.3 million capital investment consolidates product development, supply chain and assembly operations for its diesel motorhome business in a single location and is expected to create 148 jobs, of which 23 are incented at a qualifying wage of $21.79 per hour.
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