Iowa Economic Development Authority approved grant awards to companies to assist with their expansion in Cherokee, Des Moines and Dubuque, Iowa. The companies plan to invest more than $52 million and create a total of 478 jobs.
Lopez Foods, Inc. will expand its manufacturing capabilities with the remodeling of a 285,000-square-foot vacant facility it purchased in Cherokee, Iowa. The project will include the installation of manufacturing equipment and computer hardware. Upon completion, Lopez Foods will produce Canadian-style bacon logs, fresh and frozen beef patties and other new product lines to be sold to an international restaurant chain.
IEDA awarded the company $500,000 in direct financial assistance as well as tax benefits through the High Quality Jobs program (HQJ). The project, expected to generate more than $29.5 million in new capital investment, will create 386 jobs, of which 171 are incented at a qualifying hourly wage of $17.40. In addition, six jobs will be retained at the same qualifying hourly wage.
In business for 60 years, Fidelity & Guaranty Life Insurance Company is expanding its corporate headquarters in downtown Des Moines to accommodate anticipated company growth. The new office location will include approximately 83,000 square feet of leased office space and a complete tenant improvement build out. The board awarded the company tax benefits through HQJ for committing to invest more than $5.6 million and create 60 jobs, 53 of which are incented at a qualifying wage of $30.98 per hour.
Two Dubuque-based insurance companies are establishing a joint venture. Cottingham & Butler Insurance Services, Inc., provides a full suite of risk management and employee benefits services. Heartland Financial USA, Inc. offers banking solutions for business and personal clients. The two companies have established a joint venture and will purchase the Roshek Building in downtown Dubuque to expand their base of operations. To purchase and renovate the facility, Cottingham & Butler and Heartland Financial will make capital investments of $7.9 million and $9 million, respectively. Each company will create 16 jobs, which are incented at a qualifying wage of $23.39 per hour. Both companies were awarded tax benefits through HQJ.