Four businesses were awarded state incentives today by the Iowa Economic Development Board with the promise of creating new jobs.
Iowa Economic Development Authority spokesperson, Tina Hoffman, says Ajinomoto Heartland in Eddyville won state assistance. “They have a production facility in Eddyville and they use a fermentation process to produce amino acids that are used in animal feed,” Hoffman says.
She the company plans to expand AND were awarded tax benefits with a maximum value of $1.7 million. “That is a pretty big project, a 42 million dollar project, that will create 10 jobs,” according to Hoffman. The company has operated a production facility in Eddyville since 1986 and uses corn sugar produced at the neighboring Cargill plant in its processing.
The General Electric Company won state incentives for an expansion in West Burlington. “They were awarded a $930,000 forgivable loan through the high quality jobs program,” Hoffman says. “And they actually will be creating 128 jobs, and it’s a $7.4 million project.” The project involves remodeling and upgrading the existing West Burlington facility and investing in machinery and equipment.
TrueNorth Companies in Cedar Rapids is a financial services company that won tax benefits to expand their workspace. Hoffman says they will get a maximum amount of $138,436 to create 57 jobs, with a promised capital investment of $2.5 million. Hoffman says the new space will include a combination of offices, conference/meeting areas, additional restrooms and open floor space for work stations, along with the new jobs. She says the new jobs have a wage of $23.62 an hour.
A Clive vending company, 8040 Holdings, won $278,500 in tax benefits. “They are planing to expand to add in a new line based on a new software platform that they’ll have that will upgrade standard vending machines,” Hoffman explains. The company plans investing $5.1 million and promises to create three new jobs.
