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Economic Development Board approves awards to support over $74 million in capital investments in Iowa


This news story was published on March 17, 2017.
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DES MOINES, IA – The Iowa Economic Development Authority (IEDA) board awarded direct financial assistance and tax benefits to four companies for job creation and expansion projects. These awards will assist in the creation of 76 jobs, retention of 13 jobs and will result in over $74 million in new capital investment for the state. The board also approved innovation funding for three startups.

The board approved assistance for planned or proposed projects located in Ames, Sioux City, Coralville, Des Moines, Urbandale and Iowa City.

Barilla receives assistance to expand in Ames

Barilla America, Inc., established in 1877 in Parma, Italy, ranks today as one of the top Italian food manufacturers. Barilla owns 30 production sites, including one in Ames. The company is proposing an expansion of its existing facility to add two production lines associated with packaging equipment and warehousing. A partner project will include the expansion of silo storage and rail capacity of the Ames Mill. The project has a capital investment of $64 million and will create 41 jobs, nine of which are incented at a laborshed wage of $24.12 per hour. The board awarded Barilla incentives via the High Quality Jobs (HQJ) program that included direct financial assistance in the amount of $375,000 as well as tax benefits.

C2C Express set to expand Sioux City location

C2C Express is a logistics management, linehaul and parcel delivery company. Founded in 2012, the company’s headquarters in Sioux City with locations in Des Moines, Ottumwa and Norfolk, NE. C2C Express has planned expansions for Kansas City and Sioux Falls, SD. The board awarded the company tax benefits via the Targeted Jobs Withholding (TJ) program to retain 13 jobs at or above the average county wage of $18.74 per hour. The project has a capital investment of $60,000.

CIVCO Medical Solutions receives assistance for Coralville expansion

CIVCO Medical Solutions, a leading manufacturer of ultrasound guidance devices and infection control products, plans to expand its Multi-Modality Imaging business at its Iowa facilities in Coralville and Kalona. CIVCO’s Multi-Modality Imaging (MMI) business offers a broad range of solutions and products for radiology, regional anesthesia, vascular access, men’s and women’s health, cardiology, surgery and critical care. The company is proposing an expansion of its corporate office in Coralville to accommodate future business growth. The board awarded the project $100,000 in direct financial assistance as well as tax benefits for this $1.1 million capital investment. The expansion will create 20 jobs, 13 of which are incented at the laborshed wage of $24.19 per hour.

Voya Financial set to expand in Des Moines

Voya Financial, Inc., and its subsidiaries, a retirement, investment and insurance company serving 13.6 million individual and institutional customers in the U.S. The company is consolidating employees from around the metro into one location within the Hub Tower in downtown Des Moines. This $9.8 million capital investment also includes the creation of 15 new jobs, 11 of which are incented at the laborshed wage of $27.92 per hour. The board awarded the project tax benefits via the HQJ program.

Awards made to three startups

The Demonstration Fund provides financial and technical assistance to encourage high-technology prototype and concept development activities that have a clear potential to lead to commercially viable products or services within a reasonable period of time.

The fund provides financial assistance to encourage commercialization activities by small and medium-sized Iowa companies in the advanced manufacturing, biosciences and information technology industries. The primary purpose of the fund is to help businesses with a high-growth potential reach a position where they are able to attract later-stage, private-sector funding.

Award recommendations for this fund are made by the Technology Commercialization Committee (TCC) to the IEDA Board for approval.

Central Iowa-based biotech startup company Accelerated Ag Technologies LLC (AAT) received a $100,000 loan from the Demonstration Fund for development of a new technology to increase agricultural productivity. AAT’s PowerPollenSM process enables increases seed yields and the improvement of genetic purity for hybrid seed production of maize.  The loan will be used primarily for key personnel, equipment and product refinement.

Immortagen, Inc., based in Iowa City, is a cancer diagnostics company that develops cloud-based precision medicine using a proprietary software platform. The company received a $100,000 loan from the Demonstration Fund for proof of concept work and key personnel.

Founded in Iowa City, Spectator Sports, Inc. has developed an app to meet the needs for booster clubs to address many problems including fundraising and managing finances.  The company received a $50,000 loan from the Demonstration Fund for key personnel, market planning and market entry activities and product refinement.

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4 Responses to Economic Development Board approves awards to support over $74 million in capital investments in Iowa

  1. bodacious Reply Report comment

    March 17, 2017 at 11:29 pm

    And Branstad just decided to finally use Iowa’s surplus money to make this up rather than stop giving millions away to companies to come to central Iowa.

  2. John Reply Report comment

    March 17, 2017 at 5:42 pm

    I just disagree with this corporate welfare. This money adds up to over $83,000 dollars per job, bought and paid for by the Iowa Taxpayer. They make it sound rosey with the high hourly rates but that is just putting a mask on what is actually paid for the additional jobs by these employers.

    This comes at a time when the State of Iowa is in extreme financial trouble, this should not have happened and I am very disappointed to hear this.

  3. Anonymous Reply Report comment

    March 17, 2017 at 2:17 pm

    Could some of us poooor folk have the crumbs ?

    • Anonymous Reply Report comment

      March 17, 2017 at 2:39 pm

      Yes, you can have some. In fact you can get a lot more than just crumbs if you spend $74M in capital improvements and employ 76 persons at a decent wage.