IEDA Board approves assistance for three established companies, awards for entrepreneurial service providers
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Staci Hupp Ballard
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IEDA Board approves assistance for three established companies, awards for entrepreneurial service providers
June 16, 2023 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board approved awards for three companies, which will assist in the creation of 89 jobs and result in $26 million in new capital investment for the state. These projects are located in Red Oak, Waterloo and Dallas County. The board also approved grants through the Entrepreneurial Investment Award program.
Parker-Hannifin to increase capacity in Red Oak
Specializing in motion and control technologies, Parker-Hannifin Corporation provides precision-engineered solutions for mobile, industrial and aerospace markets. The company plans to make investments in manufacturing machinery and equipment that will support the need to expand production at their Red Oak location. The project represents a capital investment of $2.5 million and was awarded tax benefits through the High Quality Jobs (HQJ) program. It is expected to create 65 jobs, of which 35 are incented at a qualifying wage of $22.60 per hour.
Dignity Apparel to purchase building in Waterloo
Dignity Apparel LLC manufactures garments with domestically sourced fabrics for Image Pointe, its wholly owned subsidiary that offers design and distribution services. Through real estate holding company JP Management Corporation, the project plans to acquire a 77,000 square-foot building in Waterloo, including remodeling space and purchasing equipment and software to accommodate growth. The project represents a capital investment of $4.5 million dollars and is expected to create seven jobs at a qualifying wage of $21.01 per hour. The board awarded tax benefits through the HQJ program.
Osmundson Manufacturing to expand facility in Dallas County
Osmundson Manufacturing Co., a fifth-generation family-owned company, designs agricultural disc, coulter and seeding blades for original equipment manufacturers and distributors worldwide. The company plans to expand its Perry facility by approximately 20,000 square feet to increase manufacturing capacity and employee amenities. The board awarded this $19 million capital investment project tax benefits through the HQJ program. It is expected to create 17 jobs, of which two are incented at a qualifying wage of $28.70 per hour.
Grants awarded to two initiatives 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.
Landus Innovation Connector supports the growth of innovative agricultural technologies through mentorship and direct connections to the marketplace for entrepreneurs and scale-up companies. Companies will receive access to ag resources and services, including market strategy assistance, industry information, a collaborative space to share farming solutions, and a direct connection to the marketplace. The Landus Connector was awarded a $120,000 grant from the EIA program to be used for key personnel, promotion of technology to farmers, and venture events.
Pi515’s Girls’ Entrepreneurship Incubator is an initiative focused on empowering and supporting aspiring young women entrepreneurs through mentorship, workshops, networking, market exposure and resources. The incubator aims to create an environment that helps young women launch and grow businesses. Pi515 was awarded a $200,000 grant from the EIA program to facilitate community outreach, engage and involve young women, develop curriculum, and recruit key personnel.
Award recommendations for these funds are made by the EIA Review Committee to the IEDA Board for approval.
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Download a spreadsheet with today's awards here.
