IEDA Board approves assistance for two established companies
Ms. Kanan Kappelman
515.348.6248
communications@iowaeda.com
IEDA Board approves assistance for two established companies
Entrepreneurial service provider and tourism destinations awarded grants
April 19, 2024 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board approved awards for two companies, which will assist in the creation of 112 jobs and result in $629 million in new capital investment for the state. These projects are located in Boone and Cedar Falls. The board also approved grants through the Entrepreneurial Investment Award program and the Destination Iowa Fund.
Daisy Brand to establish operations in Iowa
Daisy Brand LLC is a fifth-generation family-owned company manufacturing soft dairy products such as sour cream and cottage cheese. Daisy is headquartered in Texas and also has operations in Arizona and Ohio, with plans to now expand and locate in Iowa. To accommodate demand, Daisy will construct a manufacturing facility in Boone for its products. The project represents a capital investment of over $626.5 million and is expected to create at least 106 jobs, of which 55 are incented at $28.85 per hour. The board awarded the project a $7 million forgivable loan and tax benefits through the High Quality Jobs (HQJ) program. See the full news release for more information.
Cedar Falls manufacturer to upgrade facility
LAFORGE, LLC manufactures precision ag equipment and provides machining and fabrication services to a variety of industries. It also serves as the parent company to businesses that manufacture overhead cranes and metal conveyer buckets. The company plans to make upgrades to its facility in Cedar Falls and purchase major tooling equipment, which will allow for greater efficiency in the crane and structure fabrication market. The project is expected to create six jobs incented at a qualifying wage of $22.01 per hour. The board awarded this nearly $2.5 million capital investment project tax benefits through the HQJ program.
Grant awarded to an initiative supporting entrepreneurs
The Entrepreneurial Investment Award (EIA) program provides financial assistance to service providers that offer technical and financial assistance to entrepreneurs and startup companies seeking to create, locate or expand a business in Iowa. The award is in the form of a grant through a competitive application process.
Innovate 120 fosters innovation and entrepreneurship as a coworking space in Maquoketa to help businesses launch and grow. The organization plans to pilot an “e-accelerator” program to build opportunities for aspiring entrepreneurs in Jackson County. The 12-month cohort-based program will guide participants from ideation through product launch and optimization, increasing access to resources for rural Iowans. Innovate 120 was awarded a $200,000 grant from the EIA program to support program costs for the first two years, including curriculum, mentor coaching, product development, marketing support and meeting space.
Award recommendations for these funds are made by the EIA Review Committee to the IEDA Board for approval.
Grants awarded for tourism and quality of life destinations
The Destination Iowa Fund provides financial assistance to cities, counties or nonprofit organizations investing in transformational projects to increase tourism to the state. The proposed destinations will attract visitors and new residents to the state, bolstering the economic impact and quality of life in Iowa’s communities. The award is in the form of a grant through a competitive application process.
The Hardin County Conservation Board was awarded $650,000 for improvements to Pine Ridge Park, located along the Iowa River. The project will construct a new special events center that expects to drive 7,500 to 10,000 visitors to the area per year. In addition, the park will also upgrade its facilities with modern amenities, to accommodate all levels of campers and visitors. Total project cost is $2,699,276.
Living History Farms Foundation was awarded nearly $1.5 million to construct a year-round Cultivation Center complex, doubling the indoor, climate-controlled space. Other project components include creating a dedicated learning center and building a new courtyard for event and activity space and a picnic pavilion. As a premier cultural attraction, the upgrades will expand the reach of the organization’s programming. Total project cost is $5,953,126.
The Ridge Golf Association and City of Sioux Center were awarded $750,000 for the construction of a 9-hole short course connected to an existing 18-hole golf course. The distinctive features of this course with each hole replicating the standout designs of famous golf architects, combined with the fun, walkability components of the all par 3 holes, could attract all levels from golf enthusiasts to families and young kids. Total project cost is $3,074,498.
Award recommendations for the IEDA Board to assess and approve are based on review committee scores.
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Download a spreadsheet with today's HQJ awards here.
