State board approves economic development funds

The Iowa Department of Economic Development board has approved financial assistance for four businesses that promise to keep or create some 200 jobs. D-E-D spokeswoman Tina Hoffman says the board approved a package of tax and other benefits of over one-point-one million dollars for Kemin Industries in Des Moines. The company makes dietary supplements. She says this is an investment in a new building to expand their work, and she says if they didn’t build here, they would move to another state or country. Hoffman says the investment comes with the promise of more jobs. She says the project will include the addition of 40 new employees ove rthe next five years at and average wage of over 28-dollars an hour. Hoffman says the D-E-D Board approved a 650-thousand dollar forgiveable loan and enterprise zone tax benefits for LInk Snacks in Laurens. She says that will create 150 new jobs in a new 39-million dollar freezer facility that will allow them to create and store “meat snacks” like beef jerkey. The board also approved assistance for an eastern Iowa company. She says Clayton County recycling is investing four-point-four million dollars into new metal shredding equipment. She says they received tax benefits from the state’s new corporate investment program. Hoffman says the company will create seven new jobs and retain some jobs by doing more shredding and by adding a rail spur to their property.