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BOARD ACTION: IEDA Board Approves Awards to Support the Creation of up to 257 Jobs

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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 Awards to Support the Creation of up to 257 Jobs
March 28, 2014 (DES MOINES, IA) –  The Iowa Economic Development Authority (IEDA) board today awarded direct financial assistance and tax benefits to 13 companies for job creation and expansion projects. Today's awards will assist in the creation of 257 jobs and will result in over $22 million in new capital investment for the state.
The board approved assistance for planned or proposed projects located in Marion, Council Bluffs, Dyersville, Scranton, Coralville, Des Moines, Johnston, Iowa City, Cedar Rapids, Riverside, Urbandale, Davenport and Johnston.

Freund-Vector Corporation plans expansion
The Freund-Vector Corporation is based in Marion and manufactures and services a wide range of equipment for the processing of powders, particles, beads, pellets, tablets and other solid materials and forms to the pharmaceutical, nutritional, food, confectionery, chemical, powdered metals, automotive and pyrotechnics industries. The board awarded the company tax benefits for its plans to add additional assembly space to their existing facility.  The $2.1 million capital investment is expected to create 12 jobs.
 
Animal feed handling company to construct facility in Council Bluffs
Gavilon Ingredients, LLC is a wholly owned subsidiary of Gavilon Agricultural Holding Company.  The company intends to construct an animal feed handling facility in Council Bluffs with attached storage and container loading terminal capabilities.  The company was awarded tax benefits by the board for this $4.5 million capital investment that is set to create 11 jobs, nine of which are incented.
 
JEDA Polymers to locate manufacturing facility in Dyersville
JEDA Polymers, LLC headquartered in Naperville, IL, is a compounder of engineering thermoplastics with applications to the injection molding industry.  The board awarded the company $120,000 in direct financial assistance as well as tax benefits for its plans to build a manufacturing facility in Dyersville’s new industrial park.  The $3.2 million capital investment is expected to create 25 jobs, of which 21 are incented.
 
Scranton Manufacturing seeks assistance for expansion project
Scranton Manufacturing, based in Scranton, primarily produces a variety of waste management trucks and trash compactors and sells to both a national and international market.  The company is planning to expand its current facility to accommodate new market demand.  This $2.5 million capital investment was awarded $250,000 in direct financial assistance through the federally funded Economic Development Set-Aside (EDSA) program.  The project is set to create 70 jobs, of which 50 are incented.
 
Tyson expands operations in Council Bluffs
Tyson Fresh Meats, Inc., a wholly owned subsidiary of Tyson Foods, owns and operates a prepared food facility in Council Bluffs that produces beef and pork products. The company is planning to expand its operations by installing new equipment.  This project was awarded tax benefits by the board for this $9.5 million capital investment that is set to create 139 jobs, of which 22 are incented.
 
Awards made to eight 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. 

The i6 Green Challenge Grant is a federal grant that is funded from the U.S. Department of Commerce’s Economic Development Administration. Iowa was awarded $1 million in 2011.  This funding is dedicated to developing innovative proof of concept centers in the renewable energy and green technology sectors that will accelerate the launch of new firms, spur job creation and contribute to economic growth.

The Iowa Innovation Acceleration Fund 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 Demonstration Fund, i6 Green Challenge Grant and Iowa Innovation Acceleration Fund are made by the Technology and Commercialization Committee (TCC) to the IEDA Board for approval.

BioPrint, LLC is based in Coralville and was founded out of the Mechanical and Industrial Engineering Department at the University of Iowa in February 2014. BioPrint offers a solution for the 3D bioprinting research field by providing customizable, low-cost 3D bioprinters. The board awarded the company a $100,000 loan from the Iowa Innovation Acceleration Fund for key personnel, product refinement and marketing activities.
 
Emploi.us is a mobile and desktop platform that provides critical applications for construction operations including company and jobsite group communication, dynamic project schedules, location-based timecards, and real-time progress to cost reporting. Emploi.us is scheduled to launch a pilot version of its initial product in April of 2014.  The company, which is based in Des Moines, was awarded a $50,000 loan from the Iowa Innovation Acceleration Fund for product refinement.
The board awarded Igor, Inc., located in Johnston, a $300,000 loan from the Iowa Innovation Acceleration Fund for key personnel. Igor enables partners to optimize energy consumption by providing turnkey Power-over-Ethernet technology for lighting and sensors. The company’s product reduces cost and optimizes value of commercial lights and sensors through a world-class open IT platform.

Iowa Approach, Inc. is developing proprietary surgical tools for treating one of the world’s most common heart rhythm disorders, atrial fibrillation.  The company was awarded a $75,000 loan from the Demonstration Fund for prototype refinement and testing. The company is located in Iowa City and was formed in 2012 at the University of Iowa.

Cedar Rapids-based MCG BioComposites, LLC began operations in August 2007 to provide sales, marketing and commercialization of biobased materials.  The company was awarded a $49,875 grant from the i6 Green Challenge Grant for product development, tool design and marketing activities.

Military Cost Cutters has launched a website and mobile app for both the IOS and Android operating systems that provides veterans with listings of businesses that offer veterans discounts on goods or services purchased via a mobile ID.  The board awarded this Davenport-based company a $50,000 loan through the Iowa Innovation Acceleration Fund for key personnel, equipment, IP development and evaluation and R&D activities.

Pure Oleochemicals, LLC was established in October of 2013 to commercialize a technology that was developed at the University of Iowa.  This revolutionary technology can separate and produce very high-purity fatty acids at a much lower cost than previous technologies and without the need for solvents or energy-intense processes that can alter the nature of the molecules being purified.  The board awarded the company, based out of Riverside, a $70,125 grant from the i6 Green Challenge Fund and a $29,875 loan through the Iowa Innovation Acceleration Fund for prototype design and product refinement.

ScoutPro, Inc. is located in Urbandale and was started as a class project in the fall of 2010 by three students at Iowa State University.  ScoutPro has developed a tablet application that provides agronomic services to corn and soybean farmers by assisting them in efficiently and effectively scouting farm land for weeds, insects, diseases and disorders.  The company was awarded a $240,000 loan via the Iowa Innovation Acceleration Fund for prototype design, product refinement and marketing activities.
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Download a spreadsheet of today's awards
http://iowaeconomicdevelopment.com/UserDocs/documents/IEDA/mar14awards.pdf
 
 
 
 
 
 

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