Four Firms Plan Expansions With Iowa Economic Development Authority Incentives
04/12/2016
In Le Mars, Iowa, Nor-Am Cold Storage, Inc. is a Public Refrigerated Warehouse that offers value added services, including blast freezing, re-packing, boxing and tempering to food companies. The board awarded the company tax benefits through the High Quality Jobs Program (HQJ) for a project that consists of building cold storage warehousing and dock space in Le Mars. This $17.9 million capital investment is expected to create 13 jobs.
In Mason City, Prestage Farms, Inc. is a 33-year old “top five” producer of live hogs and live turkeys with multiple U.S. locations including Iowa. Since 2003, Prestage Farms has operated swine finishing facilities in Iowa. The company has formed a new entity, Prestage Foods of Iowa, LLC, to build a state-of-the-art pork processing plant in Mason City. The Mason City project plant represents a $239 million capital investment. The company was awarded tax benefits via HQJ for this project and is expected to create 922 jobs, of which 332 are incented at a qualifying wage of $15.79 per hour.
In Charles City, Simply Essentials, LLC, has been in business since 2013 with a primary focus on health and wellness foods. The company has contract cattle produced in Iowa and Minnesota with a proprietary feed formulation that enhances the Omega 3 attributes while lowering cholesterol. The company’s proposed project expands the business into high quality chicken production by purchasing and upgrading an existing facility in Charles City. This $29.9 million capital investment is expected to create 254 jobs. The board awarded the company tax benefits via HQJ for this project.
In Cedar Rapids, Vspec, LLC is a third-party administrator that specializes in handling physical damage claims for all vehicle types. As a resource to the insurance industry, Vspec’s unique core product is a managed repair program designed to reduce expenses for insurance companies, while expediting repairs and improving vehicle owner satisfaction. The board awarded the company tax benefits from HQJ for a $3.7 million capital investment that consists of repurposing and renovating an existing building in Cedar Rapids. The project is expected to create 30 jobs.
Project Announcements
AESC Expands Florence, South Carolina, Operations
03/28/2024
Alticor Expands Ada Township, Michigan, Operations
03/27/2024
Eastman Plans Longview, Texas, Production Operations
03/27/2024
DHL Supply Chain-Vantage Data Centers NV11 Plan Nevada Operations
03/26/2024
Big Jet Expands Pittsburgh, Pennsylvania, Operations
03/26/2024
Landmark Ceramics UST Expands Mt. Pleasant, Tennessee, Operations
03/25/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
The Logistics Analysis That Drives Industrial Site Selection
Q4 2023
-
Manufacturing Momentum Is Building
Q1 2024
-
Technology’s Influence on Workforce Development
Workforce Q4 2023
-
37th Annual Corporate Survey: Economic Pressures Exerting Greatest Effect on Decision-Makers
Q1 2023
-
Industry in the Era of the Electron
Q1 2024