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Four Firms Plan Expansions With Iowa Economic Development Authority Incentives

Iowa Economic Development Authority awarded financial assistance and tax benefits to four companies for job creation and expansion projects in Cedar Rapids, Mason City, Le Mars and Charles City. These awards will assist in the creation of 1,219 jobs and will result in over $290 million in new capital investment for Iowa.

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.

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