Board Action: Economic Development Board Approves Financial Assistance
Posted on: April 23, 2013
For more information contact:
Tina Hoffman, Iowa Economic Development Authority
Phone: 515.725.3150 or Mobile: 515.783.8225
Economic Development Board Approves Financial Assistance
April 23, 2013 (DES MOINES, IA) - The Iowa Economic Development Authority (IEDA) board today awarded direct financial assistance and tax benefits through the High Quality Jobs program to four companies for job creation and expansion projects. Today's awards will assist in the creation of 364 jobs and will result in nearly $747.3 million in new capital investment for the state. The board approved assistance for planned or proposed projects located in Altoona, Clarion, Lime Springs and Independence.
“Today’s board action will keep Iowa on the map as a leader in data centers and manufacturing, demonstrating that Iowa is the first choice for premiere companies in a variety of industries,” said Debi Durham, IEDA director. ”It’s a good day when a state is working projects for both Google and Facebook.”
Facebook Selects Altoona for next data center
Facebook, the social networking company, announced it will build a new, state of the art data center in Altoona. This company proposes a multi-building, multi-phased project of up to three separate, approximately 300,000 square foot data center buildings on a 194-acre site. The applicant for incentives is Siculus, Inc., a subsidiary of Facebook. The project was approved for tax benefits and will create at least 31 jobs and result in a capital investment of $299.5 million.
Hagie Manufacturing to expand operations in Clarion
Hagie Manufacturing Company, a three-generation family business, provides innovative crop protection and application solutions out of its Clarion, Iowa location. In 1947, Ray Hagie invented the world’s first self-propelled sprayer and founded Hagie Manufacturing. Three generations, millions of acres and over 66 years later, Hagie Manufacturing Company’s innovative crop protection solutions enhance versatility, advance capability and increase efficiency, to optimize their customers’ growth.
The IEDA board awarded Hagie $850,000 in direct financial assistance and tax benefits to expand their production capability by adding new manufacturing methods, upgrading their current production equipment and expanding meeting and training facilities. Hagie is also escalating their current research and development both in space and workforce. The project is expected to create 150 new jobs and represents a $19.5 million capital investment.
Lime Springs Beef, Lime Springs
Lime Springs Beef (LSB) was organized as a LLC in February 2012 to capitalize on significant opportunity and demand in the food industry for local sourcing. The IEDA award will allow LSB to ensure all LSB beef products will come from animals raised by certified LSB producers whose farm is within 100 miles of the plant, with every finished product digitally tracked, processed, and ultimately labeled with the operation and farm on which the donor animal was raised. The IDEA Board awarded Lime Springs Beef $500,000 in direct financial assistance and tax benefits to expand their operations and create 50 jobs. The project represents a capital investment of $5.4 million.
Tyson Pet Products, Independence
Tyson Pet Products produces dog treats sold under three brands at its Independence facility.
The expansion of the Tyson Pet Products facility will essentially triple the production capacity of chicken jerky dog treats at this location. The IEDA Board awarded tax incentives to the project to create 133 jobs and make a capital investment of $22.9 million.
Project Amendment, Google to expand Council Bluffs location again
The board today approved an amendment request from Google, Inc., to increase the project budget of its April 2012 High Quality Jobs award. The company is proposing to increase the investment of its previous project by $400 million. Additional tax benefits in the maximum amount of $7.2 million were awarded in the form of a refund of sales and use taxes paid during construction.
Download a spreadsheet of today's awards: