The Iowa Economic Development Authority (IEDA) Board has approved state tax incentives for five companies in Cedar Rapids, Waterloo and West Des Moines.
Economic Development Authority spokesperson, Jessica O’Riley, says Bio Springer North America Corporation in Cedar Rapids won incentives to help with their expansion. “Their 29 million-dollar capital investment is expected to create five jobs at a qualifying wage of $22.27 per hour,” O’Riley says. The company makes products for the baking, health care and biotechnology industries. “This specific project will expand the production capabilities of their yeast operation in Cedar Rapids,” according to O’Riley.
Worley Warehousing in Cedar Rapids is also getting tax incentives. “They specializes in food-grade warehousing and value-added services by providing distribution to key markets, cost-efficient transportation modes and a highly skilled workforce. They plans to lease a build-to-suit 250,000-square-foot warehousing facility with the potential to add another 100,000 square feet to that facility,” according to O’Riley.
LSB Financial — a subsidiary of Lincoln Savings Bank — won incentives to expand its workspace in Waterloo by renovating two floors and improving the infrastructure of the building. The project is expected to generate $12.5 million in capital investment and create 49 jobs.
The Warren Transport company won state incentives to build a new corporate headquarters. “They’ve outgrown their existing facilities in Waterloo and they’ve proposed the construction of a new corporate headquarters and a vehicle maintenance facility,” she explains. The plan to spend around nine million dollars and create four new jobs.
The residential and commercial landscaping and products company Wright Service Corporation also plans a new headquarters.
“They’re headquartered in West Des Moines and have operations throughout the U.S. and Canada,” O’Riley says. “To accommodate their current and future growth plans — they purchased approximately 28 acres in West Des Moines where they will construct and 80,000 square foot office building to house their headquarters operation.”
The project is a $23 million capital investment with the promise of 13 new jobs.
