Three companies recently won tax and other incentives from the Iowa Economic Development Authority Board to expand or improve their businesses.
IEDA spokesperson Kanan Kappelman says the awards include one for RACOM Corporation in Marshalltown that is unique. “The company sustained significant damage in the July 2018 tornado that hit Marshalltown. So, the company plans to leverage unique provisions within our High Quality Jobs Program to rebuild and position itself for growth,” Kappelman explains. RACOM will get tax benefits as it spends $6.3 million to rebuild.
Kappelman says it’s the first time a company has used the tax incentives for disaster recovery. She says it has been a part of the economic development program, they just have not been used before. RACOM builds large-scale public safety communication networks, and plans to create five new jobs.
An Albia company called CAMP365 won state aid for a facility to build its new camper trailer. “The project includes construction of an approximately 25,000 square foot manufacturing facility in the South Albia Industrial Park. The board awarded the company direct financial assistance, as well as tax benefits,” according to Kappelman.
The camper trailer transforms from a compact structure into a cabin that can sleep six people using patented technological advancements.
The state is giving the company a $500,000 forgivable loan on the promise that it plans to invest $3.5 million into the plant. She says they expect to create 156 jobs. The jobs will pay a little more than 16 dollars and hour.
A company that provides retirement products, including annuities and life insurance, won state tax credits for a building in central Iowa. “Sammons Financial Group plans to build a new 200,000-square foot office in West Des Moines — which will serve as a headquarters facility,” Kappelman says. She says the company plans to invest $65 million and promises to create 125 jobs with a wage of $30.32 and hour.