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Iowa Tax Benefits Sparks Expansion Plans Throughout The State

02/20/2017
The Iowa Economic Development Authority board awarded direct financial assistance and tax benefits to three companies for job creation and expansion project in Palo Alto County, Council Bluffs and Cedar Rapids.

These awards will assist in the creation of 82 jobs and will result in over $80 million in new capital investment for the state.

In Palo Alto POET-DSM Marketing, a wholly owned subsidiary of POET-DSM Advanced Biofuels, produces cellulosic ethanol from corn stover biomass, procured from producers surrounding the POET-DSM Project Liberty biorefinery outside of Emmetsburg in Palo Alto County. mPOET-DSM Marketing’s On-site Manufacturing (OSM) of enzymes project enables the production of enzyme mixtures in a fermentative process at the Project LIBERTY cellulosic ethanol manufacturing site in Palo Alto County.

The company’s project includes construction and operation of the OSM facility. The board awarded the company tax benefits via the High Quality Jobs (HQJ) program based on a qualifying hourly wage of $19.38. This project represents a capital investment of $29 million and is expected to create 10 jobs, of which six are incented.

In Council Bluffs, Tyson Prepared Foods owns and operates a pepperoni and dry sausage goods food facility that it plans to expand. . This proposed project will add additional building square footage and equipment to increase capacity. The company was awarded tax benefits from HQJ for this $51 million capital investment. The project is expected to create 50 jobs, of which six are incented at a qualifying wage of $22.90 per hour.

In Cedar Rapids, Walsma & Lyons, Inc. is a wholesale distributor of fresh fruits and vegetables. The company is under contract with a major national food service company to set up a fresh produce distribution hub to service several distribution centers. These centers are located across the Midwest, including a facility in Iowa.

The company plans to improve an existing building in Cedar Rapids, making it usable for fresh produce distribution. This project represents a $300,000 capital investment. Walsma & Lyons was awarded tax benefits via HQJ. The project is expected to create 22 jobs, of which two are incented at a qualifying hourly wage of $24.70.

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