The Iowa Economic Development Authority awarded $71 million in financial incentives to several companies to spark job creation and business expansion projects. The state's economic development program will create 323 new jobs, while retaining 214 existing positions.
"We continue to take advantage of every opportunity to create good, well-paying jobs and build a stronger economy in Iowa," said Governor Terry Branstad.
The board approved assistance for projects in Oskaloosa, Polk County, Dyersville, Cedar Rapids, Cedar Falls, Urbandale and Sioux City, Iowa.
"Today's action by the board shows strong and steady movement towards our job creation goals," said Debi Durham, director of the Iowa Economic Development Authority. "We continue to see companies choosing Iowa as the place to grow their business."
Companies receiving economic development incentives included:
Clow Valve Company, a foundry and machine shop in Oskaloosa, Iowa, producing valves and fire hydrants for water distribution systems. The company was awarded tax benefits for a $7.9 million project to replace foundry machinery, automated machining centers and assembly workstations. In addition, pollution control equipment will be replaced.
Curwood, Inc., a manufacturer of packaging materials, plans a $24 million expansion of its Polk County plant. The board awarded Curwood $64,000 in direct financial assistance as well as tax benefits for this project.
Digga North America, an Australian manufacturer of construction equipment attachments and gearboxes, plans to build a 30,000 sq. ft. plant in Dyersville. The board awarded the company $240,000 in direct financial assistance as well as tax benefits for its $2.2 million capital investment.
Expense Reduction Analysts, Inc., company supporting Expense Reduction Analysts Consulting Practice franchisees is currently located in Carlsbad, California. It was awarded $40,000 in direct financial assistance to relocate to Cedar Rapids.
Martin Brothers Distribution, a foodservice distributor, plans a $5.9 million investment to add 59,000 sq. ft. to its Cedar Falls distribution facility. The board awarded tax benefits to the company through the High Quality Jobs program.
Retail Acquisition and Development, provides sales and telesales for Interstate All Battery Center stores. The company plans a $5 million investment, using tax credits to expand its operation. The project includes construction of a 17,500 square foot facility for manufacturing and packaging and renovating office space in Urbandale.
Sabre Communications Corporation, a manufacturer in the tower, pole and components industries, plans a $25 million capital investment to accommodate the growth of its electric transmission, distribution structures and wireless communication structures businesses. The board awarded $960,000 in direct financial assistance as well as tax benefits to create jobs.