The Iowa Economic Development Authority (IEDA) board approved tax benefits and direct financial assistance to the projects which are expected to create over 100 jobs. One of the projects involves a newly-formed company in southwest Iowa’s Adams County. Daryl Lilly, founder and CEO of Aero Technologies, says his company will manufacture heavy duty industrial cleaning equipment and products. He told the IEDA board that the plant near Corning will create 25 jobs.
“But, it’s our intent to hopefully grow at a pace that will ultimately deploy significantly more than that number,” Lilly said. The project is estimated to cost around $1.1 million and the IEDA board awarded Aero Technologies $225,000 in direct financial assistance, plus tax benefits. Lilly said work on the facility will begin soon.
“We hope to be in a position to be manufacturing product in 2017,” Lilly said. “We certainly plan to be doing that.” The IEDA board awarded $105,000 and tax benefits to a gelatin manufacturing plant in Woodbury County. GELITA USA officials says they’ll create 21 jobs by expanding their operations in Sergeant Bluff. Meanwhile, a fireplace and stove maker is moving production lines from a facility in Kentucky to its distribution center in Mount Pleasant in southeast Iowa.
The IEDA board awarded Hearth & Home Technologies tax benefits for the project which is expected to create 28 jobs. The other awards approved today involve projects in Altoona, West Des Moines, and Sioux City.
Here are more details on the awards from IEDA:
Newly-formed Aero Technologies to build manufacturing facility in Adams County
Aero Technologies is a newly-formed company that will serve as a design and manufacturing resource for the RG Hanson sales group. The company will specialize in manufacturing technical, niche, heavy duty industrial cleaning equipment and products and is planning to build its facility in the Blue Grass Industrial Park located in Adams County. The board awarded Aero Technologies $225,000 in direct financial assistance as well as tax benefits through the High Quality Jobs program (HQJP) for this $1.1 million capital investment. The project is expected to create 25 jobs at a qualifying hourly wage of $18.88.
GELITA to construct new manufacturing plant in Woodbury County
GELITA USA, Inc., produces gelatine and related process by-products at its Sergeant Bluff location. The company is planning to construct a new manufacturing plant in Woodbury County dedicated to the production of collagen peptides, which can be produced from the same raw material as gelatine. The board awarded GELITA $105,000 in direct financial assistance as well as tax benefits from HQJP. The project represents a $22 million capital investment and is expected to create 21 jobs at a qualifying hourly wage of $20.17.
World’s largest manufacturer and distributor of fireplaces, stoves to expand in Mt. Pleasant
Hearth & Home Technologies, LLC (HHT) is a division of HNI Corporation, which is headquartered in Muscatine. HHT is the world’s largest manufacturer and distributor of fireplaces, stoves and hearth related products. HHT is transitioning production lines from its Kentucky facility to its existing distribution center in Mt. Pleasant. The board awarded the company tax benefits via HQJP for this $7.7 million capital investment. The project, comprised of adding building infrastructure, is set to create 28 jobs, of which six are incented at a qualifying hourly wage of $16.04.
Altoona’s Iowa Cold Storage to expand in order to meet increased demand
Iowa Cold Storage, LLC is a public refrigerated warehouse which opened in Altoona in December 2004. Due to increased demand, the company is planning an addition to their existing facility. The board awarded Iowa Cold Storage tax benefits through HQJP for this $14.5 million capital investment, which is expected to create one job at a qualifying hourly wage of $27.92.
Rocklin Manufacturing plans renovation project in Sioux City
Rocklin Manufacturing Company is an established manufacturer of industrial electronic equipment located in Sioux City. The proposed project includes removing the company’s unusable buildings and renovating the remaining one to meet current operational needs and accommodate future growth. These plans represent a capital investment of $1.4 million and is expected to retain eight jobs. The board awarded Rocklin tax benefits via HQJP based on exceeding a qualifying hourly wage of $20.17. Additionally, the company received tax benefits through the Targeted Jobs Withholding Tax Credit program based on exceeding a qualifying hourly wage of $18.72.
Insurance company IMT Group to establish home office in West Des Moines
The IMT Group is a regional property and casualty Insurance company and writes all personal, commercial and bonds insurance products in the upper Midwest using independent agents. Due to past and projected growth and an increased workforce, the company is planning to build a home office in West Des Moines. The company was awarded tax benefits through HQJP. This $36 million capital investment is expected to create 33 jobs, of which 15 are incented at a qualifying hourly wage of $27.92.