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Six Firms Throughout Iowa Plan Nearly $52 million In Capital Investment

06/22/2015
The Iowa Economic Development Authority awarded direct financial assistance and tax benefits to six companies for job creation and expansion projects. The grants will assist in creation of 304 jobs and result in almost $52 million in new capital investment throughout Iowa.

Ventech Solutions, a systems integration and consulting services firm that specializes in managing full life cycle deployment of software systems and solutions, plans to lease office space in Urbandale, Iowa, for help desk support and a large application development team.

The company was awarded $500,000 in direct financial assistance via the High Quality Jobs program. The proposed project is set to create 200 jobs, reported the Iowa Economic Development Authority.

In Le Mars, Iowa, BoDeans Cone Company plans to invest $4.5 million to expand its warehouse facility. The Iowa Economic Development board approved tax benefits for BoDeans Cone Company through the High Quality Jobs program. The company has been producing ice cream cones in Le Mars since 2001.

As part of another project, headquartered in Pella, Iowa, Pella Corporation is a family-owned company that is a leader in designing, testing, manufacturing and installing quality windows and doors for new construction, remodeling and replacement applications for home and commercial markets.

This expansion project will build upon the Insynctive branded product line that was introduced in January 2015 with added features such as motorized wood blinds. The project will require additional equipment and numerous equipment modifications to allow for manufacturing and finishing; all to occur within the existing building footprint.

IEDA awarded Pella Corporation $152,000 in direct financial assistance as well as tax benefits through HQJP for this $3.4 million capital investment. The project is expected to create 38 incented jobs.

Quality Refrigerated Services, a Spencer, Iowa company that provides its clients with packaging, freezing and standard cold storage services, plans to build new 30,000 square foot storage facility, which will contain coolers, freezers and a loading dock.

The expansion will allow for better utilization of existing food processing space and provide additional storage space needed by local and regional clients. The company was awarded tax benefits through HQJP for this project. The $4.4 million capital investment is expected to retain seven jobs and create 14 jobs.

ConAgra Foods, a company that manufactures, distributes and markets private-brand food products, plans a $10 Million expansion at its Cedar Rapids plant. Its products include ready-to-eat and hot cereals and nutritional cereal bars. The company’s Cedar Rapids plant currently produces private brand cereal products.

ConAgra Foods’ proposed project is comprised of a packaging system upgrade that includes the purchase and installation of new vertical pouching machines and top-load cartoning. The board awarded the company tax benefits via HQJP for this $10 million capital investment. The project is expected to retain 130 jobs.

Also in Cedar Rapids, United Fire Group plans renovation of its existing facility and construction of new building. The insurance carrier has grown into a super-regional insurance company that sells commercial and personal insurance and bonds through more than 1,200 independent agencies and life insurance through more than 900 independent life agencies.

UFG is planning to renovate its existing 10-story American Building and construct a new 10-story adjoining building. The board awarded UFG tax benefits through HQJP. The $28.4 million capital investment will accommodate UFG’s employee growth over the past two years as well as an additional 50 jobs, of which 46 are incented at a qualifying hourly wage of $23.45.

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