The Iowa Economic Development Authority Board today awarded tax credits, loans and cash to three business projects around the state that are expected to create a combined 88 jobs. IEDA spokeswoman Kanan Kappelman says the board awarded $1.8 million in aid to Diamond V Mills in Cedar Rapids. “They’re looking at a $30 million capital investment that is expected to create 17 jobs,” Kappelman said.
Diamond V produces nutritional products for animals and will add 56,000 square feet to it’s manufacturing plant. Almaco, an agricultural machinery manufacturer, will also get state aid for an expansion to a facility in Nevada. “We awarded the company $150,000 in direct financial assistance, as well as tax benefits, for their $1.3 million dollar capital investment,” Kappelman said.
The project in Nevada is expected to create 23 jobs. The final IEDA award will go to Rockfarm Holdings, which is currently based in East Dubuque, Illinois. “They’re evaluating a corporate facility in Dubuque’s technology park,” Kappelman said.
The company would receive $336,600 in direct financial assistance, as well as tax benefits, should Rockfarm choose to come to Iowa. The potential $2.1 million capital investment in Dubuque is expected to create 48 jobs. Rockfarm Holdings is a group of companies which offer transportation management services.