Consultants Forum    |   FacilityLocations    |   FastFacility    |   Advertise    |   Subscribe    |   Newsletter    |   RSSRSS
Inward Investment Guides

Six Companies Invest $30 Million In Expansion Projects Throughout Iowa

Area Development Online News Desk (08/25/2014)
Six companies plan a total of $30 million in new capital investment designed to create approximately 184 jobs throughout The Hawkeye State, as a result of direct financial assistance and tax benefits from the Iowa Economic Development Authority.

The board approved assistance for planned or proposed projects located in Burlington, Carter Lake, Davenport, Iowa Falls, Marion, Oelwein and Waukee, Iowa. “Iowa has a strong manufacturing economy that continues to grow, as evidenced by today’s projects,” commented Debi Durham, Director of IEDA.

“Today’s action by the IEDA board is a great example of how our economic development programs are working for existing businesses all around Iowa,” said Governor Terry Branstad.

According to the IEDA, expansion includes a new manufacturing line for a Burlington, Iowa, agricultural and construction equipment company. CNH Industrial has operated facilities in Iowa since 1937 with the opening of the Burlington site. Its proposed expansion project would bring the crawler/dozer production line from out of state to the Burlington facility.

The IEDA board approved High Quality Jobs Program tax incentives for this $5.5 million capital investment project and benefits through the Targeted Jobs Withholding Tax Credit program. CNH Industrial’s expansion is expected to create 50 jobs.

In Waukee, Iowa, a freight broker plans to invest $1.1 million to expand and relocate to a new location. Express Logistics is a third-party freight broker currently located in Waukee. The business provides brokerage services that include less-than-truckload, full truckload, intermodal and refrigerated trucking to its customers. The proposed expansion project will allow Express Logistics to relocate its operations to a new building in Waukee and add 19 jobs.

The IEDA board awarded the company $130,000 in direct financial assistance and tax benefits through the HQJP program. In Davenport, an Electrical safety product company plans a $2.7 million expansion project. Grace Engineered Products is the leader in electrical safety product solutions that increase productivity and exceed electrical workplace safety standards. The company’s growing international presence has provided an opportunity to expand into new product lines and bring in the overseas outsource business in-house.

The IEDA board awarded the company $30,000 in direct financial assistance and tax benefits through the HQJP program to create 11 jobs.

Carter Lake, Iowa, is to become new home of truck leasing company. Lone Mountain Truck Leasing provides financing and maintenance services to owner-operators pursuing ownership of a semi-truck to operate their business. The proposed project would relocate the corporate office from Nebraska to Carter Lake to a new office campus that would consolidate truck maintenance operations and corporate offices where truck/tractor sales and leasing activities are conducted.

The project would have a capital investment of $1.3 million. The IEDA board awarded the company tax benefits through the HQJP program to create 39 jobs.

An Oelwein, Iowa, railcar repair and refurbisher plans a $10.8 million expansion project. Transco Railway Products repairs and refurbishes all types of railcars in the United States and Canada and has operated a facility in Oelwein since 1969. The proposed expansion project – the second phase of a three-phase project - at the Oelwein facility includes adding the service of refurbishing tank cars, erecting a wash shop facility and an exterior and interior blast and lining building.

The IEDA board awarded the company $155,000 in direct financial assistance and tax benefits through the HQJP program to create 31 jobs.

Finally, a hose manufacturer plans an $8.7 million expansion project in Marion, Iowa.

Legacy Manufacturing Co. has been located in Marion for nearly 20 years, manufacturing air hose assemblies and related products. The company is continuing to expand as it enters into a new licensing agreement to produce a new line of Flexzilla Outdoor Power cords. The proposed project will allow Legacy to build a new building on a lot with additional room for future expansions.

The IEDA board awarded the company tax benefits through the HQJP program to create 34 jobs, one of which is incented at a qualifying wage of $23.45 per hour.

Article Discussion

Share