Economic Development Board Approves Financial Assistance for 13 Companies
Posted on: June 21, 2013
For more information contact:
Kathy Anderson, Iowa Economic Development Authority
June 21, 2013 (DES MOINES, IA) - The Iowa Economic Development Authority (IEDA) board today awarded direct financial assistance and tax benefits to 13 companies for job creation, expansion and small business development projects. Today's awards will assist in the creation or retention of 177 jobs and will result in over $725 million in new capital investment for the state.
“Today’s many job creation projects demonstrate that companies know they can be successful in Iowa,” said Governor Terry Branstad. “Whether it’s a new company locating here or one that is expanding its operation in our state, the investment these projects bring and the jobs these companies create help keep Iowa’s economy growing.”
With today’s action and since January 2011, IEDA has awarded assistance to projects locating or expanding in Iowa that are expected to result in a total capital investment of over $7.3 billion into Iowa’s economy.
“Our message that Iowa is open for business is resonating with industry leaders,” said Debi Durham, director of the IEDA. “Projects in all industry sectors and at every stage of development are choosing Iowa as the place they want to grow.”
The board approved assistance for planned or proposed projects located in Cedar Rapids, Coralville, Des Moines, Dubuque, Glidden, Humboldt, Lake Park and West Des Moines.
Danisco expanding in Cedar Rapids
Danisco US Inc., a wholly owned subsidiary of E.I. du Pont de Nemours, Inc., is considering an expansion of their current Cedar Rapids site that will support growth in the company’s enzyme business and position the Iowa location to produce and ship additional products for the North American region. The board approved an award of $55,000 in direct financial assistance and tax benefits through the High Quality Jobs program for Danisco to create 11 new jobs at a qualifying wage of $21.73. The project will have a capital investment of $19.85 million.
Software and app developer to open Iowa facility
Design Mill, Inc. (DMI) specializes in the development of software for use in the educational and manufacturing industries as well as the Department of Defense. The company, currently located in Illinois, is considering opening an office in Dubuque to further the development of their software products, as well as developing custom mobile apps. The project will have a capital investment of $753,579 and is expected to create 16 jobs at a qualifying hourly wage of $19.31. The board awarded Design Mill $80,000 in direct financial assistance as well as tax benefits through the HQJ program.
Des Moines’ Helena Industries set to expand
Helena Industries Incorporated (HII) is wholly owned by Helena Chemical Company and is based out of Tennessee. HII specializes in the formulation, blending, filling and packaging of chemical products. Historically, Helena Industries has focused on the agricultural and turf markets, but in recent years, the company has worked to diversify its services and customer base. HII is proposing a $4.1 million expansion of its existing Des Moines campus to field growth opportunities for the company. The project will create three jobs, one of which that is incented at a qualifying wage of $23.12 per hour.
Iowa Corn Processors to continue growth in Glidden
Iowa Corn Processors is a corn dry miller located in Glidden, Iowa. Since its establishment in 1997, the company has produce corn grits/meal/flour products for the food and beverage industries, as well as co-products for animal feed. Iowa Corn Processors is proposing an expansion project for its current facility to add production capacity in response to increasing customer demand. The project will include increased storage capacity of prime goods and co-products, an expansion of the rail spur from one line to three, a new rail loading facility, and R&D for new products. This $14.8 million project was awarded tax benefits through the HQJ program to create two new jobs at a qualifying wage of $17.04 per hour. The project will also retain 28 other jobs that are not incented.
Coralville’s MediRevv expanding to grow operations
MediRevv, Inc. is a healthcare revenue cycle management company specializing in helping hospitals, health systems, academic medical centers and physician groups improve their cash flow and grow revenue. MediRevv handles all aspects of the revenue cycle from patient access to insurance claim follow-up and patient payment. The company plans to grow operations adjacent to its existing facility in Coralville to create 56 new jobs, of which 16 are incented at a qualifying hourly wage of $20.51. The board approved tax benefits for the $2.4 million capital investment through the HQJ program.
Die Castings company to grow Lake Park facility
Northern Iowa Die Cast (NIDC), founded in 1938, manufactures, assembles and paints aluminum and zinc die castings for original equipment manufacturers, including John Deere. The company’s products are shipped to customers in eight states and four foreign countries. NIDC is proposing a $2.7 million expansion project at their current facility in Lake Park, Iowa, that will add 12,600 square feet of manufacturing, operations and office space. The IEDA board awarded the company $60,000 in direct financial assistance and tax benefits through the HQJ program to create 18 new jobs, of which 10 are incented with a qualifying wage of $14.63 per hour.
Tank fabricator to build new facility in Humboldt
Precision Tank and Equipment Co., headquartered in Illinois, fabricates fiberglass, stainless steel and mild steel tanks for the agricultural industry. The company is proposing to build a new facility in Humboldt, Iowa, for the production of stainless steel and fiberglass tanks. The $3 million project will create 14 new jobs, of which 10 are incented at a qualifying hourly wage of $13.95. The board awarded tax benefits through the EZ program.
Expansion planned for Microsoft’s Datacenter in West Des Moines
Microsoft, Inc., also known as “Project Mountain,” is proposing a $677.6 million expansion to its existing datacenter in West Des Moines. This global company develops, manufactures, licenses and supports a range of software products for computing devices and has operated a datacenter in Iowa to support its operations since 2009. The project, today awarded tax benefits through the HQJ program, is expected to create 29 new jobs, 24 of which are incented at a qualifying wage of $23.12 per hour.
Innovation Acceleration Fund awards made to five start-ups
In other action by the board today, 5 awards were made to start-ups to advance their efforts through the Iowa Innovation Acceleration Fund.
The Iowa Innovation Acceleration Fund, one of several funds established under the State Small Business Credit Initiative (SSBCI), promotes the formation and growth of businesses that engage in the transfer of technology into competitive, profitable companies that create high paying jobs. The funds are designed to support commercializing research, launching new start-ups and accelerating private investment and industrial expansion efforts that result in significant capital investment.
Award recommendations for the Iowa Innovation Acceleration Fund are made by the Technology and Commercialization Committee to the IEDA Board for approval.
Iowa Approach, LLC was founded by Steven Mickelsen, MD, Cardiology Fellow and Howard Hughes Scholar at the University of Iowa, to develop and commercialize proprietary medical devices for the treatment of atrial fibrillation. This newly-developed technology permits catheter-based ablation procedures. Iowa Approach received a $100,000 Launch loan from the Iowa Innovation Acceleration Fund to undertake the project.
Memcine Pharmaceuticals, Inc., founded in 2010 to conduct business and scientific operations at the BioVentures Center in Coralville, develops next generation vaccine platform technology aimed at transforming the global vaccine market. Its product, Immunoplex, enhances the immune response to vaccine components by targeting them for immune recognition by the body’s natural defenses. The company was approved for a $500,000 Propel loan from the Iowa Innovation Acceleration Fund.
BodyViz was established in 2007 at the ISU Research Park in Ames, Iowa. It was created by Virtual Reality Applications Center (VRAC) Director James Oliver, VRAC Associate Director, Eliot Winer and surgeon, Dr. Thom Lobe. They’ve worked on developing and refining a simple and affordable 3D visualization technology for imaging. To expand the reach of its technology, a new volume rendering engine was developed to support multiple platforms through a unified interface called the Volume Image Process and Rendering Engine (VIPRE). VIPRE will be the first GPU-based volume ray casting solution for immersive clustered environments, eliminating the need for highly specified computer hardware that will eventually allow integration into a cloud computing environment. The company was awarded a $250,000 Propel loan through the Iowa Innovation Acceleration Fund to move forward with the project.
LNR Corporation was formed by directors of Cemen Tech, Multi-Tech and iSc.EDI to commercialize an advanced manufacturing discovery for producing road markings that are projected to last more than 20 times longer than paint. The Indianola-based company will market and distribute this colored concrete and the application equipment suitable for creating permanent road markings. LNR Corporation was awarded a $100,000 Launch loan through the Iowa Innovation Acceleration Fund for the project.
iCONNECT Corp is a privately-held company founded in 2012 to build a global on-demand marketplace or exchange for customers in need of spoken language interpreting as well as for the interpreters seeking access to greater demand for their services. The company was awarded a $250,000 Propel loan through the Iowa Innovation Acceleration Fund to develop an online exchange.
Download a spreadsheet of today's awards:
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