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BOARD ACTION: Economic Development Board Approves Awards to Support the Creation of Nearly 200 Jobs

For more information contact:
Tina Hoffman, Iowa Economic Development Authority
Phone: 515.725.3150, cell 515.783.8225 or tina.hoffman@iowaeda.com

August 22, 2014 (DES MOINES, IA) –  The Iowa Economic Development Authority (IEDA) board today awarded direct financial assistance and tax benefits to six companies for job creation and expansion projects. Today's awards will assist in the creation of 184 jobs and will result in $30 million in new capital investment for the state. Additionally, one project was approved for start-up funding.

“Today’s action by the IEDA board is a great example of how our economic development programs are working for existing businesses all around Iowa,” said Governor Terry Branstad.

The board approved assistance for planned or proposed projects located in Burlington, Carter Lake, Davenport, Iowa Falls, Marion, Oelwein and Waukee.

“Iowa has a strong manufacturing economy that continues to grow, as evidenced by today’s projects,” commented Debi Durham, director of IEDA.

New manufacturing line for Burlington ag and construction equipment company
CNH Industrial is a world leader in the manufacturing of agricultural and construction equipment and has operated facilities in Iowa since 1937 with the opening of the Burlington site. The proposed expansion project would bring the crawler/dozer production line from out of state to the Burlington facility. The IEDA board approved High Quality Jobs Program (HQJP) tax incentives for this $5.5 million capital investment project and benefits through the Targeted Jobs Withholding Tax Credit (TJWTC) program. CNH Industrial’s expansion is expected to create 50 jobs.

Waukee freight broker to expand in new location
Express Logistics is a third-party freight broker currently located in Waukee. The business provides brokerage services that include less-than-truckload (LTL), full truckload, intermodal and refrigerated trucking to its customers. The proposed expansion project will allow Express Logistics to relocate its operations to a new building in Waukee and add 19 jobs at a qualifying wage of $25.52 per hour. The IEDA board awarded the company $130,000 in direct financial assistance and tax benefits through the HQJP program for this $1.1 million capital investment project.

Electrical safety product company to grow in Davenport
Grace Engineered Products is the leader in electrical safety product solutions that increase productivity and exceed electrical workplace safety standards. The company’s growing international presence has provided an opportunity to expand into new product lines and bring in the overseas outsource business in-house. The IEDA board awarded the company $30,000 in direct financial assistance and tax benefits through the HQJP program to create 11 jobs, 8 of which are incented at a qualifying wage of $17.47 per hour. The project will have a capital investment of $2.7 million.

Carter Lake to become new home of truck leasing company
Lone Mountain Truck Leasing provides financing and maintenance services to owner-operators pursuing ownership of a semi-truck to operate their business. The proposed project would relocate the corporate office from Nebraska to Carter Lake to a new office campus that would consolidate truck maintenance operations and corporate offices where truck/tractor sales and leasing activities are conducted. The project would have a capital investment of $1.3 million. The IEDA board awarded the company tax benefits through the HQJP program to create 39 jobs, 19 of which are incented at a qualifying wage of $20.95 per hour.

Oelwein railcar repair and refurbisher to expand
Transco Railway Products repairs and refurbishes all types of railcars in the United States and Canada and has operated a facility in Oelwein since 1969. The proposed expansion project – the second phase of a three-phase project - at the Oelwein facility includes adding the service of refurbishing tank cars, erecting a wash shop facility and an exterior and interior blast and lining building. The project will have a capital investment of $10.8 million. The IEDA board awarded the company $155,000 in direct financial assistance and tax benefits through the HQJP program to create 31 jobs at a qualifying wage of $13.55 per hour.

Hose manufacturer to expand operations in Marion
Legacy Manufacturing Co. has been located in Marion for nearly 20 years, manufacturing air hose assemblies and related products. The company is continuing to expand as it enters into a new licensing agreement to produce a new line of Flexzilla Outdoor Power cords. The proposed project will allow Legacy to build a new building on a lot with additional room for future expansions. The project will have a capital investment of $8.7 million. The IEDA board awarded the company tax benefits through the HQJP program to create 34 jobs, one of which is incented at a qualifying wage of $23.45 per hour.

Innovation funding awarded to Iowa Falls start-up
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.

The board approved a recommendation from the Technology Commercialization Committee (TCC) to award Horse Sense Shoes (HSS) a $100,000 loan from the Iowa Innovation Acceleration Fund. HSS develops and implements a non-invasive real-time surveillance solution for the Equine Athlete. It is based on technology in horse shoes and patches and a standard web enabled network for data analysis. The company develops applications that allow horses to inform their handlers of critical health and performance indicators protecting both the horse and the horse investment.

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Download a spreadsheet of today's awards:
https://www.iowaeconomicdevelopment.com/UserDocs/documents/IEDA/aug14awards.pdf

 

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Iowa Economic Development Authority
200 East Grand Avenue
Des Moines, Iowa 50309
Phone: 1.515.348.6200
email: Email Us

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