The state will be providing financial help to nine companies around Iowa that are planning expansion projects.
The Iowa Economic Development Authority (IEDA) board today awarded the help to businesses located in Dubuque, Des Moines, Ankeny, Altoona, Waterloo, Elkader, Mount Pleasant, and Knoxville. Combined – the projects are projected to create 349 jobs.
Dan McDonald, with the Greater Dubuque Development Corporation, praised the IEDA Board for its support of the Dubuque-based insurance broker Cottingham and Butler. “We came to you in January of 2015 with almost 100 new jobs with Cottingham and Butler and here I am today…asking, respectfully, for your support for yet another project from this company that could be anywhere in the United States,” McDonald said. “It’s the 37th largest insurance broker (in the U.S.), but they have over 500 jobs in Dubuque and another 30 or so in Davenport and the Quad Cities.”
The company is expanding its Dubuque location and plans to add 75 positions. The board awarded Cottingham and Butler a $300,000 forgivable loan. The board awarded a $56,000 loan to Veyance Technologies in Mount Pleasant to help the industrial hose products maker with a $7.4 million project. IEDA board member Jennifer Cooper said Veyance has around 211 employees and will add 14 more with this expansion.
“They are looking to build a 30,000 square foot manufacturing space addition to their existing 145,000 square foot facility,” Cooper said. “It would increase their capacity by one production line from seven to eight.” Some of Veyance Technologies’ customers include Home Depot, John Deere, and Case New Holland.
Here’s more information on the other projects that were approved for IEDA assistance:
Crossroads Cold Storage, LLC plans Des Moines expansion
Crossroads Cold Storage, LLC is a newly created entity that will be wholly owned by Des Moines Cold Storage. This company proposes to construct a new cold storage facility in Des Moines to meet expanding customer needs and international market growth. This project represents a capital investment of $16.8 million and will result in the creation of 13 new jobs, three of which are incented at a qualifying wage of $26.72. The board awarded the project tax benefits via HQJP.
New data center in Altoona brings significant capital investment
Edge Business Continuity Center (BCC) Data Managed Services Cloud Technology company serves mid-sized enterprises in the Midwest and provides the data center infrastructure for LightEdge Solutions cloud computing services. Edge BCC is proposing an expansion of its data center co-locations services with the construction of a new data center facility in Altoona. This project will provide additional capacity for affiliate company LightEdge Solutions, Inc. to continue to sell disaster recovery services in Iowa and surrounding regional markets. The company was awarded tax benefits via HQJP for this project that is expected to create six jobs at a qualifying wage of $26.72 and result in a capital investment of $30 million.
Des Moines’ Excell Marketing approved for incentives
Excell Marketing distributes trading cards (sports and gaming) and related toy products to mass market retailers throughout the USA. The company is considering a warehouse expansion in Des Moines to relieve overcrowding in the current facility, allow for expansion of fulfillment operations to new product lines, and support anticipated acquisitions of companies in complimentary businesses. The board awarded Excell Marketing tax benefits via the HQJP to create 58 jobs, 11 of which are incented at a qualifying wage of $26.72 per hour. The project will have a capital investment of $5.4 million.
Hydrite Chemical Company set to make $15.9 million capital investment in Waterloo
Hydrite Chemical Company is one of the largest manufacturers and distributors of chemical products in the United States. The company provides expertise in chemical distribution, food and dairy sanitation, food ingredients, organic processing, liquid sulfur salts, water treatment, foam control, and compliance management. Hydrite Chemical’s proposed project would increase manufacturing capabilities in Waterloo by expanding its product lines in the food, agriculture and sulfur industries. The board awarded the company tax benefits through the High Quality Jobs Program (HQJP). The project is expected to create 11 jobs at a qualifying wage of $16.79 per hour. The proposed project includes land acquisition, site preparation, the construction of a 20,000 s.f. building, and installation of manufacturing machinery and equipment and will have a capital investment of $15.9 million.
Elkader manufacturer receives award for expansion
Mobile Track Solutions, LLC, located in Elkader, manufactures heavy earth moving equipment for contractors of all sizes, including construction grade tractors, various sized scrapers, disks and roller blades. The proposed project includes construction of a 44,000 s.f. building in the Johnson Industrial Park in Elkader to rebuild components and remanufacture Caterpillar 740 haul trucks. The proposed expansion has a capital investment of $5.1 million and would create 30 jobs at a qualifying wage of $14.70 per hour. The board awarded Mobile Track Solutions $180,000 in direct financial assistance and tax benefits via HQJP.
Ankeny’s Power Distributors to build new distribution center
Power Distributors (PD) in Ankeny is a wholesale distributor based in Columbus, OH. Power Distributors provides distribution, sales, customer service and tech support from 11 distribution centers across the U.S. The company is proposing to construct a new velocity distribution center to serve the Midwest region. The project would have a capital investment of $2.2 million. The board awarded PD tax benefits via HQJP for the creation of 25 jobs, one of which is incented at a qualifying wage of $26.72 per hour.
Knoxville contract manufacturer receives award
Weiler, Inc., located in Knoxville, is a contract manufacturer building parts and whole goods on an OEM basis for companies including Textron, Vermeer, Case-New Holland and Fiat. Weiler also produces and markets its own products, including road graders that serve a national rental market, concrete mixers installed on customer trucks serving the general construction industry, and road building equipment such as road wideners, asphalt transfer machines, pavers and compactors. The company is proposing a project to accommodate growth as sales increase, new markets develop, and new products are designed and released to production. The board awarded Weiler direct financial assistance in the amount of $500,000 as well as tax benefits via HQJP to create 117 jobs at a qualifying wage of $19.49. The project will have a capital investment of $5.9 million.
