A state board has handed out financial assistance and tax breaks to five companies — and state officials say those companies pledge 62 new jobs will be created.
Cambrex, a pharmaceutical company based in New Jersey, plans to expand its production facility in Charles City, Iowa. It’s getting $125,000 and some tax breaks from the State of Iowa for the project. Company officials expect 29 more people will be added to the Charles City payroll once the expansion’s complete.
The Iowa Economic Development Authority Board has extended tax breaks to four other companies that pledge to pay workers significantly more than the minimum wage. A Waterloo company that’s adding new freezer space is one of the companies that has qualified for state tax breaks. Crystal Distribution Services plans to hire one more worker when the facility is done.
Farmers Edge, a Canadian company, plans to build a soil testing laboratory in Grimes and hire five people to work at the lab. Highway Equipment Company plans to build new research and development facilities in Cedar Rapids and hire 14 people. The other company getting state tax breaks is Legacy Manufacturing in Marion. It is planning a 12-million dollar expansion of its existing facility and is promising to hire 13 more people.
The Iowa Economic Development Authority’s Board also provided a grant to the “StartUp Dubuque” program at Northeast Iowa Community College. A mentoring program in the Iowa City and Cedar Rapids area is getting a state grant, too. The “Startup Factory” at Iowa State University’s Research Park and a University of Iowa “hub” for entrepreneurs working on medical devices are each getting $200,000 grants.