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BOARD ACTION: Economic Development Board Approves Awards to Support Over 200 Jobs in Iowa

For more information contact:

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 200 jobs in Iowa

June 16, 2017 (DES MOINES, IA) – The Iowa Economic Development Authority (IEDA) board awarded direct financial assistance and tax benefits to four companies for job creation and expansion projects. These awards will assist in the creation of 123 jobs, retention of 82 jobs and will result in over $5 million in new capital investment for the state.

The board approved assistance for planned or proposed projects located in Urbandale, Clarinda, Sioux City and Marshalltown.

Compressor Controls Corporation set to remodel Urbandale headquarters

Compressor Controls Corporation (CCC) has specialized in turbomachinery controls for over 35 years. The company serves customers in a broad range of industries, including oil, gas, chemical, petrochemical, refineries, LNG and power generation facilities. The board awarded CCC $32,500 in direct financial assistance from the High Quality Jobs (HQJ) program for this $434,000 capital investment.  The project consists of remodeling CCC’s existing facility to maintain headquarter operations in Urbandale and is expected to retain 82 jobs at a qualifying hourly wage of $27.92.

Novae Corp. plans upgrade to facility in Clarinda

Novae Corp., founded in 1995 in Northeast Indiana, acquired the assets of H&H Trailers LLC in Clarinda, making it the second largest trailer manufacturer in North America.  The company, via a $3.6 million capital investment, plans to upgrade its existing facility through remodeling and the purchasing of new equipment.  The board awarded Novae Corp. $300,000 in direct financial assistance as well as tax benefits through HQJ.  The project is expected to create 74 jobs, of which 73 are incented at a qualifying wage of $15.41 per hour.

Mechanical piping to establish operations in Sioux City

Superior Industrial Mechanical, Inc. will be a mechanical contractor offering mechanical piping, pipe welding, plumbing, project management, fabrication, and equipment installation. The company’s project includes the acquisition of a 25,000-square foot building and the necessary machinery and equipment to start the business.  Superior Industrial Mechanical, Inc. was awarded tax benefits via the Targeted Jobs Withholding Tax Credit program.  The $848,000 capital investment project is expected to create 26 jobs, of which 20 are incented at a qualifying wage of $18.72 per hour.

Technology startup locating in Marshalltown

Tug Kay Consulting is a technology consulting company that assists companies in making improvements throughout the product development process with a focus on the improvement of work processes to generate a positive ROI. The company is planning to create 23 jobs at a qualifying wage of $18.19 per hour and locate in Marshalltown to house office, meeting, demonstration, R & D, technology, development and testing facilities.  The board awarded Tug Kay Consulting a $100,000 loan/forgivable loan and tax benefits via HQJ for this $685,000 capital investment.

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Download a spreadsheet of today's awards: iowaeconomicdevelopment.com/userdocs/june17awards.pdf.

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