The Iowa Economic Development Authority (IEDA) board today approved financial assistance and tax benefits for five companies.
TPI Composites of Newton announced earlier this week that it would open another plant to produce composite bus bodies for electric buses. Iowa Economic Development Authority spokesperson, Kanan Kappelman, says the state approved incentives are for that project.
“They received one million dollars in direct financial assistance, as well as tax benefits via the High Quality Jobs program,” Kappleman says. The company already manufactures wind turbine blades. She says the tax benefits are for the six million dollars in investment the company plans to make for the new plant.
She says the tax benefits amount to $613,000. TPI promises to create 351 jobs at an hourly wage of $18.12 an hour. An eastern Iowa company received state help to buy new machines.
Arconic was formerly known as Alcoa and produces aluminum sheets and was awarded $1.5 million in direct financial assistance along with tax benefits. The upgrades will allow the company to hire more workers.
“They are expected to create 30 jobs and retain 250 jobs as a condition for this award,” according to Kappleman. The jobs at Arconic pay $18.30 an hour.
The Cedar Ridge Vineyard located in Swisher won state incentives to increase production of whiskey and wine.
She says they plan to invest two million dollars for the expansion. The tax benefits will amount to around $86,000. John Deere’s Intelligent Solutions Group won state incentives to build a new home. The group produces the advanced software and hardware technology used in the ag equipment manufacturer’s machines.
“The company is currently located in Urbandale, but they are set to construct a new facility by purchasing new land. They will be advancing their software capabilities with this new project,” Kappleman says. The company was approved for $2.9 million in tax benefits. “They will be creating 31 jobs and retaining 20 jobs. The qualifying wage for this project was $29.12 per hour,” according to Kappleman. They plan to invest nearly $33 million in the project.
The final award was tax benefits for CJ Bio America to expand operations in Fort Dodge. The company makes lysine, which is an amino acid used in feed for pigs and poultry. The company plans to spend $46 million for new production buildings to allow the company to expand its portfolio. The project is expected to create 18 jobs with a wage of $17.56.
