The Iowa Economic Development Authority Board awarded direct financial assistance and tax benefits to three companies in West Des Moines, Albia and Marshaltown, Iowa, for job creation and expansion projects.
According to IEDA officials, these awards will assist in the creation of 286 jobs and will result in more than $74 million in new capital investment for the state.
In West Des Moines Sammons Financial Group and its subsidiaries, Midland National Life Insurance Group and North American Company for Life and Health Insurance, plans to build a new 200,000 square-foot office, which will serve as a headquarters for local employees.
The board awarded this $65 million capital investment tax benefits via the High Quality Jobs program. The project is expected to create 125 jobs.
In Albia, outdoors company AWOL Outdoors, Inc., doing business as CAMP365, plans to construct an approximately 25,000 square-foot manufacturing facility in the South Albia Industrial Park.
The board awarded CAMP365 direct financial assistance and tax benefits for this project from the HQJ program. This $3.5 million capital investment is expected to create 156 jobs in rural Albia.
Marshalltown, Iowa, manufacturer RACOM Corporation sustained significant damage in a July 19, 2018, tornado. The company plans to leverage unique provisions within the HQJ program to rebuild and position itself for growth. In a first-of-this kind disaster relief assistance via HQJ, the board awarded this $6.3 million capital investment project tax benefits. The project is expected to create five jobs.