The Iowa Economic Development Board has approved tax incentives or direct financial assistance to projects in eight cities. The incentives are expected to create up to 447 jobs.
The largest award of $800,000 in direct assistance will help finance the renovation of a Tyson Foods plant in Council Bluffs. IED Board spokesperson Kanan Kappelman says the project will create 53 new jobs.
Another project in Council Bluffs is receiving $520,000 in direct assistance. Officials with meat processor Plumrose USA are planning to build a new manufacturing plant. Kappelman says, if the project proceeds, it would represent a $57.8 million capital investment and create 65 new jobs supported by the state incentives.
Another $630,000 in direct assistance will help FarmTek construct a new facility in Dyersville.The $3.5 million project in northeast Iowa is expected to create 100 jobs, 84 of which are supported by state incentives.
Biotechnology company Genencor is planning to create 33 new jobs in Cedar Rapids with help from the state. Kappelman says the board approved $500,000 in assistance to Genencor $67.4 million expansion project.
The board approved tax incentives for an expansion by Cargill Kitchen Solutions in Mason City. “This project represents a 12.4 million dollar capital investment and is expected to create 20 jobs supported by state incentives,” Kappelman said.
Awards were also granted to projects in Davenport, Grundy Center, Chariton and Shelby County. Here’s information on those projects, provided by the Iowa Department of Economic Development:
The board has approved tax incentives to Alter Trading Corporation through the High Quality Jobs program. The company will be purchasing and installing new equipment and constructing a building as part of $14.5 million expansion project at its metal recycling facility in Davenport. The expansion is expected to create three jobs and retain an additional 12 other labor positions. State incentives will support one new and one retained job. Alter Trading Corporation is one of the largest metal recycling companies in the country, recycling both ferrous and non-ferrous metals.
The board approved $60,000 in direct financial assistance to Environmental Lubricants Manufacturing in Grundy Center to purchase and install a microwave grease manufacturing system and lubricant filling and packaging equipment. The company is the leading U.S. provider of biobased lubricants and greases and has invented more than 30 commercially viable products made from American-grown soybeans. The award is through the GIVFAP value-added agricultural component.
The board approved tax incentives to Hy-Vee, Inc. to expand the refrigerated food facility at its Chariton distribution center. The Iowa-based retail grocery chain plans to add 108,000 square feet to the facility and construct a fuel island for delivery trucks. The expansion is expected to create 10 jobs supported by state incentives and represents an $18.3 million capital investment by the company. Hy-Vee has 126 retail grocery stores in Iowa and supplies food to eight surrounding states. Incentives approved by the board are through the High Quality Jobs program.
The board approved Enterprise Zone tax incentives to Menard, Inc. to expand a warehouse at its distribution center in Shelby County that will allow for a further expansion of its product lines. The company also considered out-of-state locations for this project. The project represents an estimated $10.9 million capital investment and is expected to create 28 new jobs at the facility.