Search Icon
SEARCH IEDA

BOARD ACTION: Board Approves Awards to Support Over $43 Million in Capital Investments

For more information contact:

Brooke Miller
Phone:  515.725.3080 
social@iowa.gov

Tina Hoffman, Iowa Economic Development Authority
Phone:  515.725.3150, mobile 515.783.8225
communications@iowaeda.com

Economic Development Board approves awards to support over $43 million in capital investments in Iowa

May 20, 2016 (DES MOINES, IA) – The Iowa Economic Development Authority (IEDA) board today awarded direct financial assistance and tax benefits to eight companies for job creation and expansion projects. These awards will assist in the creation of 1,275 jobs, retention of 53 jobs and will result in over $43 million in new capital investment for the state. The board also approved innovation funding for six startups.
 
The board approved assistance for planned or proposed projects located in Cedar Falls, Davenport, Des Moines, Dubuque, Fairfield, Iowa City, Keokuk, Sheldon and Waukee.
 
Dubuque manufacturer to expand
Rite-Hite is the world leader in the manufacture, sale and service of loading dock equipment, industrial doors, safety barriers, HVLS fans, industrial curtain walls and more - all designed to improve safety, security, productivity, energy savings and environmental control. The company is proposing to expand the existing Rite-Hite Dubuque facility, consolidating its Dubuque area businesses within one facility, improving productivity and operational efficiencies and expanding research and development capabilities to support current and future business growth. The board awarded Rite-Hite direct financial assistance in the amount of $44,000 and tax credits via the High Quality Jobs Program (HQJP) to create 24 new jobs, 11 of which are technical, engineering and professional positions incented at the Dubuque area's qualified wage of $20.53 per hour. The project has a proposed capital investment of $8.9 million.

Tech company adding 1,000 jobs in Des Moines
Cognizant Technology Solutions is a leading provider of information technology, consulting and business process services. A member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500, Cognizant is ranked among the top performing and fastest growing companies in the world. One of the largest STEM (Science, Technology, Engineering and Mathematics) recruiters in the United States, the company has its global headquarters in Teaneck, New Jersey.  As a result of structural changes in business and emerging social, mobile, analytics and cloud technologies, there is continued demand for this business. Cognizant is proposing a two-phase project in Des Moines that includes the expansion of their Business Process Services delivery center. The project would result in a capital investment of $9 million and is expected to create at least 1,014 jobs over the next five years, of which 116 are incented at a qualifying wage of $26.72 per hour. The board awarded the company direct financial assistance in the amount of $812,000 as well as tax benefits via the HQJP.
 
Washer/dryer manufacturing modernizing in Fairfield
Dexter Laundry, Inc. is a manufacturer of commercial washers and dryers and offers a complete line of machines and management systems to laundry owners and managers across the globe. The company is proposing a $6 million modernization of its existing facility in Fairfield. The board awarded Dexter Laundry tax credits via the HQJP to position the company for future growth opportunities.
 
Software development company growing in Iowa City
MetaCommunications, Inc. is an enterprise software company that produces industry-leading software solutions sought out by leading creative agencies and global brands, helping these companies innovate faster and more effectively than their competitors. MetaCommunications continues to expand its client base and develop new software solutions to meet the unique work management challenges of creative and marketing teams worldwide. The company’s proposed project would expand operations in Iowa City to accommodate the aggressive hiring plans over the next three years. The board awarded the company $775,000 in direct financial assistance via the HQJP for this $1.6 million capital investment. The project is expected to create 105 new jobs and retain 53, with 97 of the new jobs and 44 of the retained jobs incented at a qualifying wage of $23.24 per hour.
 
Sheldon manufacturer proposes expansion
Rosenboom Machine and Tool Inc. was established in 1974 and is a privately owned company with approximately 800 employees with three domestic manufacturing locations in Sheldon, Iowa (Corporate), Bowling Green, Ohio, and Spirit Lake, Iowa.  Rosenboom Machine and Tool, Inc. is a leader in high-quality, innovative fluid power solutions. The company designs and produces a variety of products including hydraulic cylinders, actuators, accumulators and high pressure gas springs, supporting  heavy-duty applications across several industries including agriculture, construction, military, commercial, transportation and many more. The company was recently awarded a responsibility from the Oshkosh Corporation to supply two key components for the Joint Light Tactical Vehicle (JLTV), the vehicle that will replace many of the HMMWV vehicles that the Army currently has in service. To meet demand, Rosenboom is proposing to add the new production line as well as vertically integrate steel preparation activities through an in-house manufacturing operation. The project is expected to create 54 jobs, 17 of which are incented at a qualifying wage of $19.44 per hour, and result in a capital investment of $16.1 million. The board awarded the company tax benefits via the HQJP to expand in Iowa.
 
Gaming software company growing in Des Moines and Cedar Falls
Scientific Games Corporation develops technology-based products and services and associated content for the gaming and lottery industries worldwide. The company operates through three segments: Gaming, Lottery and Interactive. The company’s proposed project would include an expansion and upgrade of the existing space in Des Moines and Cedar Falls to accommodate future growth. The Des Moines-based expansion has a capital investment of $300,000 and is expected to create 20 jobs, 17 of which are incented at a qualifying wage of $26.72 per hour. The $400,000 capital investment expansion in Cedar Falls is expected to create 31 jobs, 27 of which are incented at a qualifying wage of $16.79 per hour. The new jobs being created at both facilities are professional, R&D-focused tech jobs, many of which exceed the qualifying wage level. The company was awarded tax benefits via the HQJP to complete its proposed expansions.
 
Keokuk attracts industrial services contractor
Ziegler Industries, Inc., is a specialty industrial service contractor in the areas of industrial coatings application, scaffold erection and mechanical insulation installation. The company is proposing to relocate its operations from Illinois to Keokuk. Project activities would include building acquisition, site preparation and building remodeling. The project has a capital investment of $840,000 and is expected to create 27 jobs, 19 of which are incented at the qualifying wage of $18.91 per hour (the Lee County average wage). The board awarded Ziegler tax benefits via the Targeted Jobs Withholding Tax Credit program.
 
Awards made to six startups

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 financial assistance 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 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 Proof of Commercial Relevance (POCR) Fund provides financial assistance to innovative businesses that are pursuing proof of commercial relevance and marketability of a technology.  The fund is designed to assist businesses with new technologies that have completed the proof of concept stage and are ready to be subjected to the rigors of the proof of commercial relevance stage that includes defining the market for the product and perfecting the product to meet market needs.

Award recommendations for these funds are made by the Technology Commercialization Committee (TCC) to the IEDA Board for approval.
 
My Diabetes Home®, LLC (MDH), was founded in Des Moines in 2010 for the purpose of providing people with diabetes with a suite of unique and beneficial technology tools for managing their illness and improving their quality of life. MDH’s Research Center Platform has been developed to streamline the clinical trial recruitment process and help research centers recruit patients for ongoing and future clinical trials.  The board awarded the company a $25,000 POCR grant for market research activities.

AgriSync, Inc. makes cloud-based software for mobile field support in agriculture. The company’s product is sold to ag service advisors and input vendors such as seed, chemical and machinery providers (“advisors”). AgriSync™ allows advisors to reach their farmer-customers with mobile-first, video-first support on any device. The company was founded in 2014 in Waukee.  The company received a $100,000 loan via the Iowa Innovation Acceleration Launch Fund primarily for product refinement.

ClinicNote is located in Des Moines and has developed an electronic medical record system designed for Speech-Language Pathologists to help facilitate the submission and review of insurance documentation and improve the practice management of therapy services. ClinicNote has completed the Global Insurance Accelerator and currently resides in the Square One business accelerator.  The board awarded the company a $100,000 loan through the Demonstration Fund for key personnel, market planning and entry activities and product refinement.

JumpOnIt Deals, LC (JumpOnIt) is a technology startup based in Davenport. JumpOnIt text messages local deals and offers to a large database of opt-in subscribers several times per week. JumpOnIt officially launched in the Quad Cities area in April 2015 and is piloting expansions in Des Moines and Nashville and Murfreesboro, TN; and preparing for the Iowa City/Coralville market.  The company received a $100,000 loan through the Demonstration Fund for marketing activities and software development.

Health Tech Solutions dba ORGANizer is a health informatics software company located in Iowa City and founded in 2015. The company is developing an innovative health informatics software product designed to improve the effectiveness, productivity, communication and coordination surrounding organ transplant recovery.  The board awarded ORGANizer a $25,000 POCR grant for market research.

Point of Choice (POC) is built around two unique and disruptive business models that serve two complementary customer groups seeking solutions to each market’s significant respective needs: K-12 school districts and vendors selling to K-12 school districts.  POC offers, at no-cost to the districts, an ordering-made-easy purchasing solution called k-Purchase. The solution has been documented to reduce purchasing administrative time by 70 percent.  The company was awarded a $100,000 loan through the Demonstration Fund for marketing and training materials and key personnel.

###

Download a spreadsheet of today's awards:
https://www.iowaeconomicdevelopment.com/UserDocs/documents/IEDA/may16awards.pdf

Sign up to receive news updates

 

 

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

Questions?
Drop Us a Line.

Stay Informed.
Sign Up to Receive Updates.
Emails highlighting economic development news, program updates and upcoming events.