IA: IEDA Board OKs Assistance for Established Firm, 4 Startups, Reinvestment District Plan | Trade and Industry Development

IA: IEDA Board OKs Assistance for Established Firm, 4 Startups, Reinvestment District Plan

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Jul 25, 2022
The Iowa Economic Development Authority (IEDA) Board approved awards for an established company in Lyon County and innovation funding in support of four startups located in Ames, Des Moines and Indianola.

The Iowa Economic Development Authority (IEDA) Board approved awards for an established company in Lyon County and innovation funding in support of four startups located in Ames, Des Moines and Indianola. The board also provided final approval on a reinvestment district plan for Cedar Rapids. 

Diversified Technologies to construct new facility in Lyon County

Diversified Technologies, Inc., parent company of Sudenga Industries and Dur-A-Lift, Inc., was founded in George, IA in 1888. Sudenga Industries manufactures grain handling equipment and Dur-A-Lift manufactures aerial lifts. Both production lines take place on the campus in Lyon County, where the company plans to construct a new, nearly 160,000 square foot facility that will bring operations under one roof. The project represents a capital investment of $12.6 million and is expected to create 10 jobs at a qualifying wage of $21.96 per hour. The board awarded the company tax benefits through the HQJ program.

Awards made to four startups

Founded in 2016, True360 of Ames captures immersive experiences through their WOW! Moment FinderTM that can automatically compile highlight reels and their 360-degree camera enclosures that immerse users directly into different worlds. The company was awarded a $100,000 Demonstration Fund loan for product refinement and market planning and entry activities.

Ames-based Zymosense is developing a modular enzyme activity characterization platform that is well-suited to test in complex backgrounds. It will be simpler to use and more accurate than traditional procedures for research and development teams. The company was awarded a $25,000 Proof of Commercial Relevance loan for equipment and market planning and entry activities.

Music League, LLC, based in Des Moines, is a social gaming app that amplifies passionate debate and insight on all music-related topics to expand the love of music. The company was awarded a $25,000 Proof of Commercial Relevance loan for product refinement.

Indianola’s IdRamp, Inc. created a platform to enhance identity management systems that better supports security, service delivery and business need through flexibility and speed. Bouncer, a new product, will further focus on security of online meetings. The company was awarded a $100,000 Demonstration Fund loan for marketing, travel, memberships and market planning and entry activities.

Award recommendations for these funds are made by the Technology Commercialization Committee to the IEDA Board for approval.

Cedar Rapids reinvestment district plan receives final approval 

The Iowa Reinvestment District Program is designed to assist communities in developing transformative projects that improve the quality of life, create and enhance unique opportunities, and substantially benefit the community, region and state. The program provides for up to $100 million in new state hotel/motel and sales tax revenues to be “reinvested” within approved districts that cannot exceed 75 acres in size and must be in an Urban Renewal Area. 

On June 25, 2021, the board approved provisional funding for six reinvestment district applications. Final application materials fully meeting all the program’s requirements were due prior to February 25, 2022. Cedar Rapids submitted a pre-application during the 2021 annual filing window. Since that time, project representatives worked with IEDA staff to complete the final application for board review. Final application materials were received by the deadline, and today they received approval conditions subsequent on additional documentation. 

The board approved the maximum benefit amount of $9 million for the Cedar Rapids Central Reinvestment District submitted by the City of Cedar Rapids. The mixed-use project includes housing, entertainment, retail and hotel developments, and also incorporates downtown flood control and Cedar River recreation for tourism opportunities. The plan proposes a capital investment of $160.8 million.

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