The Iowa Economic Development Authority (IEDA) Board on Friday awarded several companies across the state with financial assistance. Board spokesperson Tina Hoffman says the largest award is going to off-road vehicle manufacturer Polaris Industries for an expansion of its plant in Spirit Lake.
“That will create 79 new jobs and that’s a capital investment of about 22.6 million dollars,” Hoffman said. The IEDA Board awarded Polaris with $395,000 in direct financial assistance as well as tax benefits. Another $144,000 in direct financial assistance, plus tax benefits, is going to MSI Mold Builders in Cedar Rapids.
The company is planning to construct a 14,500 square foot addition to their facility and create 18 new jobs. The total cost of the project is estimated at $5.6 million. A manufacturer in northeast Iowa is also planning an expansion.) Unverferth, a farm equipment maker based in Shell Rock, will receive $200,000 in state assistance, plus tax benefits.
The expansion is expected to create 75 new jobs. Butler County Economic Development Director Jeff Kolb praised Unverferth officials on the decision to expand. “You know, we’re experiencing a very serious drought this year, but eventually that will go away and there will always be a demand for their product,” Kolb said. “They see that…they look long range.”
Unverferth is Butler County’s largest employer with 425 workers. The IEDA board also approved tax benefits to Muscatine-based HNI Corporation. The office furniture manufacturer is planning an expansion that will create 10 jobs.