Three companies that are planning expansion projects were awarded direct financial assistance or tax benefits from the State of Iowa today. The Iowa Economic Development Authority (IEDA) board approved the awards for the projects that represent a combined $284-million in capital investment.
IEDA spokesperson Tina Hoffman says that includes a $278-million plan by Principal Financial Group to renovate the company’s corporate headquarters in downtown Des Moines. “Principal has been talking about updating and modernizing their three main facilities in order to make sure they have the most innovative technology in their collaborative work environment so they can continue to attract and retain the knowledge workers that they employ,” Hoffman said.
Principal currently employs 7,300 people in Iowa, including 6,300 in Des Moines. The IEDA board awarded Principal $22.5 million in tax credits. The board awarded tax benefits and $100,000 in direct financial assistance to American Natural Processors for a project in the northwest Iowa town of Galva.
The expansion of the company’s facility represents a $2.4 million capital investment and is expect to create 10 new jobs. The final project awarded tax benefits involves the expansion of Polaris Industries in Milford. “This project will include the acquisition of an existing building and they’ll be adding manufacturing machinery and equipment in order to house that excess capacity there,” Hoffman said.
“This is a $3.6 million capital investment and will create 40 jobs.” Polaris designs and manufactures off-road vehicles and also sells parts, garments and other accessories.