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Area Development - Site Selection, Facility Planning and Workforce Development

Economic Development Authority Awards Financial Assistance-Tax Benefits To Several Iowa Firms

03/28/2014
The Iowa Economic Development Authority awarded direct financial assistance and tax benefits to several companies as an incentive to spark job creation and expansion projects. The latest round of awards is expected to create 257 jobs and result in over $22 million in new capital investment throughout the Hawkeye State.

Firms approved for funding include;

The Freund-Vector Corporation, based in Marion, Iowa, manufactures and services a wide range of equipment for the processing of powders, particles, beads, pellets, tablets and other solid materials and forms to the pharmaceutical, nutritional, food, confectionery, chemical, powdered metals, automotive and pyrotechnics industries. The board awarded the company tax benefits for its plans to add additional assembly space to its existing facility. The $2.1 million capital investment is expected to create 12 jobs.

Gavilon Ingredients, a wholly owned subsidiary of Gavilon Agricultural Holding Company, intends to construct an animal feed handling facility in Council Bluffs with attached storage and container loading terminal capabilities. The company received tax benefits for this $4.5 million capital investment that is expected to create 11 jobs, nine of which are incentivised.

JEDA Polymers, a compounder of engineering thermoplastics with applications to the injection molding industry, plans to build a manufacturing facility in Dyersville, Iowa’s, new industrial park. The board awarded the company $120,000 in direct financial assistance, as well as tax benefits for its $3.2 million capital investment expected to create 25 jobs, of which 21 are incentivised.

Scranton Manufacturing, a firm that primarily produces a variety of waste management trucks and trash compactors, is planning to expand its current facility to accommodate new market demand. This $2.5 million capital investment was awarded $250,000 in direct financial assistance through the federally funded Economic Development Set-Aside program. The project is set to create 70 jobs, of which 50 are incentivised.

Tyson Fresh Meats, Inc., a wholly owned subsidiary of Tyson Foods, which owns and operates a prepared food facility in Council Bluffs, Iowa, produces beef and pork products. The company is planning to expand its operations by installing new equipment. This project was awarded tax benefits for its $9.5 million capital investment that is set to create 139 jobs, of which 22 are incentivized.

Awards were also made to several start-up companies.

BioPrint in Coralville, Iowa, offers a solution for the 3D bioprinting research field by providing customizable, low-cost 3D bioprinters. The board awarded the company a $100,000 loan from the Iowa Innovation Acceleration Fund for key personnel, product refinement and marketing activities.

Emploi.us is a mobile and desktop platform that provides critical applications for construction operations, is scheduled to launch a pilot version of its initial product in April. The company, which is based in Des Moines, was awarded a $50,000 loan from the Iowa Innovation Acceleration Fund for product refinement.

The board awarded Igor, Inc., located in Johnston, a $300,000 loan from the Iowa Innovation Acceleration Fund for key personnel. Igor enables partners to optimize energy consumption by providing turnkey Power-over-Ethernet technology for lighting and sensors.

Iowa Approach, Inc. in Iowa City is developing proprietary surgical tools for treating one of the world’s most common heart rhythm disorders, atrial fibrillation. The company was awarded a $75,000 loan from the Demonstration Fund for prototype refinement and testing.

ScoutPro, Inc in Urbandale, Iowa, developed a tablet application that provides agronomic services to corn and soybean farmers by assisting them in efficiently and effectively scouting farm land for weeds, insects, diseases and disorders. The company was awarded a $240,000 loan via the Iowa Innovation Acceleration Fund for prototype design, product refinement and marketing activities.

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