Iowa Economic Development Authority Awards Incentives for Company Expansions
These awards will assist in the creation of 290 jobs and will result in over $182 million in new capital investment for the state. The board also approved innovation funding for four startups.
3M Company receives assistance for Ames, Iowa, renovation project. 3M is a diversified technology company that uses science to improve lives and solve problems. This project includes preparation and utilization of approximately 30,000 square feet of existing available floor space at its Ames facility and the purchase and installation of manufacturing equipment.
The board awarded 3M tax benefits for this project from the High Quality Jobs (HQJ) program. This $27.8 million capital investment is expected to create 16 jobs at a qualifying wage of $26.11 per hour.
Hormel proposed $150 million expansion of its Burke Marketing Corporation facility in Nevada. Burke Marketing Corp., a subsidiary of Hormel Foods Corporation, a global branded food company, manufactures fully cooked meat products.
The Burke facility project would add 200,000 square feet to its Nevada location to accommodate increased production. The board awarded the company tax benefits via HQJ for this proposed $150 million capital investment. The project is expected to create approximately 210 jobs, of which 52 are incented at a qualifying hourly wage of $24.95.
Story City manufacturer to expand facility and introduce new product lines. Eby is an industry leader in manufacturing aluminum truck bodies and livestock haulers. EBY plans to expand its existing facility in Story City by doubling workspace and purchasing additional equipment.
This expansion will not only allow for the growth of existing lines, but position EBY to introduce additional product lines into the facility. The board awarded EBY $176,000 in direct financial assistance, as well as tax benefits from HQJ for this $4.7 million capital investment. The project is expected to create 64 jobs, of which 22 are incented at a qualifying hourly wage of $26.11.
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