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BOARD ACTION: Economic Development Board approves awards to support over $80 million in capital investments in Iowa

Posted on: February 17, 2017

For more information contact:

Tina Hoffman, Iowa Economic Development Authority
Phone:   515.725.3150, mobile 515.783.8225
communications@iowaeda.com

Economic Development Board approves awards to support over $80 million in capital investments in Iowa

February 17, 2017 (DES MOINES, IA) – The Iowa Economic Development Authority (IEDA) board awarded direct financial assistance and tax benefits to three companies for job creation and expansion projects. These awards will assist in the creation of 82 jobs and will result in over $80 million in new capital investment for the state.

The board approved assistance for planned or proposed projects located in Palo Alto County, Council Bluffs and Cedar Rapids.

POET-DSM Marketing, LLC receives assistance for Palo Alto County project
POET-DSM Marketing, LLC is a wholly owned subsidiary of POET-DSM Advanced Biofuels, LLC. The company produces cellulosic ethanol from corn stover biomass procured from producers in the area surrounding the POET-DSM Project Liberty biorefinery outside of Emmetsburg in Palo Alto County. POET-DSM Marketing’s On-site Manufacturing (OSM) of enzymes project enables the production of enzyme mixtures in a fermentative process at the Project LIBERTY cellulosic ethanol manufacturing site in Palo Alto County. Project activities include construction and operation of the OSM facility. The board awarded the company tax benefits via the High Quality Jobs (HQJ) program based on a qualifying hourly wage of $19.38. This project represents a capital investment of $29 million and is expected to create 10 jobs, of which six are incented.

Tyson set to expand Council Bluffs facility
Tyson Prepared Foods, Inc., a wholly owned subsidiary of Tyson Foods, Inc., owns and operates a prepared food facility in Council Bluffs. This facility produces pepperoni and dry sausage goods. This proposed project will add additional building square footage and equipment to increase capacity. The company was awarded tax benefits from HQJ for this $51 million capital investment. The project is expected to create 50 jobs, of which six are incented at a qualifying wage of $22.90 per hour.

Walsma & Lyons plans new distribution facility in Cedar Rapids
Walsma & Lyons, Inc. is a wholesale distributor of fresh fruits and vegetables, representing growing shipping districts from across the United States. The company is under contract with a major national food service company to set up a fresh produce distribution hub to service several distribution centers. These centers are located across the Midwest, including a facility in Iowa. The company plans to improve an existing building in Cedar Rapids, making it usable for fresh produce distribution. This project represents a $300,000 capital investment. Walsma & Lyons was awarded tax benefits via HQJ. The project is expected to create 22 jobs, of which two are incented at a qualifying hourly wage of $24.70.

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Download a spreadsheet of today's awards:
iowaeconomicdevelopment.com/UserDocs/documents/IEDA/feb17awards.pdf



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