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BOARD ACTION: Projects Resulting in $94 million in Capital Investment

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Tina Hoffman, Iowa Economic Development Authority

Phone: 515-725-3150 or Cell: 515-783-8225

communications@iowaeda.com

 

Economic Development Board approves projects resulting in $94 million in capital investment

December 16, 2011 (DES MOINES, IA) – The Iowa Economic Development Authority (IEDA) board today awarded financial assistance to five existing Iowa companies for job creation and expansion projects.  Today’s awards will assist in the creation of 87 new jobs, the retention of 402 jobs and will account for nearly $94 million of new capital investment to the state. 

“I’m proud to see Iowa’s existing companies continuing to invest in our state,” said Governor Terry Branstad.  “Creating an environment where our own companies want to grow and where other companies want to move will help us achieve our goal of creating 200,000 new jobs.”

Lieutenant Governor Kim Reynolds added, “The John Deere project is particularly exciting for me since my father worked at that facility for 40 years,” she said.  “It is wonderful to see John Deere continue to innovate and grow.”

Additionally, five start-up companies received funding through the Demonstration Fund to further support innovation in Iowa.

“By combining our support of traditional expansion projects with investments in start-ups as well, we are building Iowa’s economy for tomorrow,” said Debi Durham, director of the Iowa Economic Development Authority. 

John Deere Des Moines Works proposes $68 million investment in Ankeny

The board approved tax benefits through the High Quality Job Program (HQJP) for John Deere Des Moines Works.  John Deere is the world’s leading manufacturer of agricultural and forestry equipment and has several existing locations in Iowa.  The proposed project in Ankeny includes the construction of a 300,000 sq. ft. manufacturing facility that will produce self-propelled sprayers.  The project has a capital investment of $68 million and will retain 400 jobs, 134 of which are incented.

 

Re-tooling project for Caterpillar Elkader facility positions company for future growth

The board approved a $205,000 direct financial assistance award, as well as tax incentives through the Enterprise Zone program, to Caterpillar Elkader, LLC.  Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. The proposed project for the Caterpillar Elkader facility would create 41 jobs and result in a capital investment of $4.35 million.


Dubuque’s A.Y. McDonald continues to innovate and advance

A.Y. McDonald Manufacturing Company’s proposed expansion in Dubuque was awarded direct assistance of $136,000 and tax benefits through HQJP.  This Iowa-based manufacturer of waterworks brass, high pressure gas, and plumbing and pump products, has operated in the state for more than 155 years.  The project will expand the company’s existing facility in Dubuque to accommodate additional manufacturing machinery and equipment to produce a complete line of no-lead brass products in reaction to the Reduction of Lead in Drinking Water Act, recently passed by Congress.  That Act reduces the allowable lead content of wetted surfaces in drinking water pipes, pipe fittings, and plumbing fixtures by 2014.  This project allows A.Y. McDonald to produce no-lead brass products and to properly segregate the production of no-lead brass and 85 brass products within the same facility.  It is expected to create 17 new jobs and have a capital investment of $2.6 million.

 

Sioux Center biosciences company Exemplar expanding operations

The board awarded $300,000 in direct assistance and tax benefits through HQJP to Exemplar Genetics.  The company, formed in 2008, focuses on the creation of animal models to assist in the treatment and cure of human genetic diseases.  The company has developed models focusing on cystic fibrosis, cardiovascular disease, metabolic disease and cancer.  The proposed project is an expansion of the existing Exemplar facilities in Sioux Center to continue developing additional models, including muscular dystrophy, neurodegenerative disease and obesity.  These models are useful to researchers and pharmaceutical companies looking to find cures and treatments for those suffering from the effects of these genetic diseases.   The project is expected to create 16 new jobs, 12 of which will be incented, and retain three jobs, two of which will be incented.

 

Geneseo leverages fiber connection in Davenport to create data center

Geneseo Communications Services was awarded $96,000 in direct assistance and tax benefits through the Enterprise Zone program.  The century-old telecommunications company has a history of starting, developing and operating technology-related subsidiaries including long-haul fiber optics, retain computer sales and services and data center development.  The proposed project in Davenport would duplicate the success of its downtown Chicago data center by leveraging its fiber network that connects Chicago and Denver to major cities in Iowa.  The 50,000-100,000 sq. ft. data center would create 13 jobs, 12 of which are incented, and have a capital investment of nearly $15 million.

 

Demonstration Fund Awards made to five start-ups

The Demonstration Fund provides financial and technical assistance to encourage high technology prototype and concept development activities that have a clear potential to lead to commercially viable products or services within a reasonable period of time.

 

The fund provides up to $150,000 to encourage commercialization activities by small and medium-sized Iowa companies in the advanced manufacturing, biosciences, and information technology industries. The primary purpose of the fund is to help businesses with a high-growth potential reach a position where they are able to attract later stage private sector funding.  Award recommendations are made by the Technology and Commercialization Committee to the IEDA Board for approval.

 

Anova, Inc. is a privately-held company located in Dubuque, Iowa that provides custom injection molding services with additional abilities to provide product design, mold design, mold construction, JIT deliveries, competitive pricing, packing and packaging.  Anova’s project focuses on delivering an affordable, recycled plastic pallet that can replace traditional pallets and have a positive impact on the environment.  The board approved an award of $75,000, made up of a $25,000 grant and a $50,000 loan.

 

Tansna Therapeutics is an early-stage drug discovery company located in Coralville that is creating novel anti-convulsant compounds with reduced side-effects, based on discoveries by Dr. Max Baker at the University of Iowa. With this project, the company is working to create a new oral anti-convulsant for chronic and prophylactic use for the 30 percent of patients who do not respond to current treatment medications.  The board approved a $50,000 loan to move this project forward.

Located in Iowa City, Radiology Protocols is an early-stage venture that has created an application designed to reduce medical imaging errors caused by human factors.  The project will allow the company to acquire the managerial expertise to effectively establish, manage and grow Radiology Protocols in the US market.  The board approved a $50,000 grant.

 

Creative Werks was founded in 2000 originally as an electrical engineering consulting company and then began to ramp up commercial activities in 2007.  The company is located in Des Moines and has developed the infrastructure, software and hardware for advanced wireless control systems for utilization on agricultural and industrial equipment.  The board approved a $75,000 loan to aid with the commercialization of this product.

 

People Statements, LLC, located in Cedar Rapids, is a business focused on bringing knowledge to management teams regarding resource allocation decisions.  The company’s flagship product is an organizational development assessment that obtains 33 proprietary “people metrics.” The project focuses on the overall commercialization of the technology and product suite.  The board approved a $30,000 grant for People Statements.

 

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Download a spreadsheet of today’s awards:

https://www.iowaeconomicdevelopment.com/downloads/Dec11awards.pdf

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Iowa Economic Development Authority
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Des Moines, Iowa 50309
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