Governor Chet Culver announced today that the Iowa Economic Development Board and the Iowa Department of Economic Development approved incentives for eleven companies planning to locate or expand operations in Iowa.
The projects approved today are located in Ankeny, Peosta, St. Ansgar, Hiawatha, Le Mars and Waukon. In total, the projects represent $27 million in capital investment and will create or retain a total of 120 new jobs, 43 of which are supported by state incentives.
"The companies represented in today's awards highlight the interest of companies to place their business in Iowa and the strengths of Iowa's key industries, including advanced manufacturing, information technology and value-added agriculture," Culver said. "Iowa communities small and large will benefit from these new jobs."
"The pool of business prospects we are working with is strong and the decisions making timeframes of companies have started to become shorter than they have been in recent years," said Bret Mills, IDED director. "We are working very hard to support the growth of our existing industry and welcome new businesses to Iowa, which ultimately provide good jobs for Iowans."
Ankeny high-tech company to expand
The board approved tax incentives through the High Quality Jobs program for Accumold in Ankeny as the company builds a 40,000 square-foot facility to meet an anticipated increase in production demands. Accumold is a micro-molder that produces ultra-small, tight-tolerance, geometrically complex parts consistently and efficiently. The micro components that Accumold creates are used in micro-electronics, automotive, medical, optics and defense applications. This project represents a $6 million capital investment and is expected to create 43 total jobs, 18 of which are supported by the IDED-approved tax incentives.
Grain processor to build facility in St. Ansgar
The board awarded tax incentives from the High Quality Jobs program and $200,000 in direct financial assistance to Grain Millers Inc. Subject to approval by the company's Board of Directors, the company will build an 18,000-square-foot facility in St. Ansgar that will add value to its products. The company processes grains, mainly oats, that are sold to major North American food companies. Grain Millers is the largest processor of organic oats in North America and has oat and grain processing facilities in St. Ansgar, Eugene, Ore., and Canada. The project represents a $10 million capital investment and is expected to create one job. The financial assistance comes from the Value Added Agricultural Component of the GIVFAP.
New dairy processing plant planned in Waukon
The board awarded $75,000 in direct financial assistance to WW Homestead Dairy to purchase and renovate a building in Waukon and turn it into a dairy processing plant. The building they plan on purchasing was used as part of the Northern Engraving facility until 2008. The dairy will produce high-quality, rBGH-free products that are pasteurized, but not homogenized. Capital investment for the project is nearly $790,000 with production expected to begin in January. The financial assistance comes from the Value Added Agricultural Component of the Grow Iowa Values Financial Assistance Program (GIVFAP).
Le Mars site of new pork processing plant
The board awarded $255,000 in direct financial assistance and additional tax benefits through the High Quality Jobs program to North American Co-Pack Iowa to open a meat processing plant in Le Mars. The company will provide a full range of processed pork products to retail, food service and industrial markets. The company is making a $1.3 million capital investment and will create a total of 54 jobs, with 13 of them being supported by the IDED award. The plant would focus on sliced meats and other ready-to-eat food processing and will be located at a property that allows for expansion. The financial assistance comes from the Value Added Agricultural Component of the Grow Iowa Values Financial Assistance Program (GIVFAP).
Hiawatha communications firm to develop new product
The board awarded $150,000 from the entrepreneurial component of the GIVFAP, to HH Ventures in Hiawatha for two key projects. One is the development of a new product that provides broadband products and services to businesses that can be used as a back-up in the event of network failures. The second project is the acquisition and development of software to improve the company's current data infrastructure system. The project is expected to create nine jobs and retain one.
Plastics company to expand in Peosta
The board approved tax incentives through the High Quality Jobs program to Captive Plastics to expand its current facilities in Peosta. Currently, the Captive Plastics plant in Peosta produces injection blow molded, extrusion blow molded and stretch blow molded bottles primarily to the health services and food markets. The $8.8 million expansion will provide an opportunity to supply a growing personal care market and also provide additional manufacturing space for future growth. The project is expected to create 12 jobs, one of which is supported by the incentives.
Coralville company to develop new loudspeaker
Coralville company Rives Audio and its division, Talon Loudspeakers, received a $60,000 Demonstration Fund award to develop a new loudspeaker known as the Phoenix. The new Phoenix product will be completely modular, allowing it to be upgraded over the years and change as technology changes. The module can be changed from a passive crossover to an active crossover amplification with on-board amplification and parametric equalization using Rives Audio sub-PARC technology. Rives Audio is the industry leader in small-room acoustics. In 2007, the company purchased Talon Audio, now known as Talon Loudspeakers.
Delmar company to market educational software
StarrMatica Learning Systems of Delmar was awarded $100,000 from the Demonstration Fund to launch a national sales and marketing initiative for their technology. The company specializes in software that enhances the use of technology in the classroom. Owner and founder Emily Starr first developed StarrMatica digital content while she was an elementary teacher for use in her own school. Teachers use StarrMatica's content for classroom instruction, using a projector or interactive whiteboard. The company is currently the only one in the market with interactive content and a web links database system. Sales of the company's product have primarily been in the Midwest.
GTT to promote auto parts store software
Green Team Technologies of Coralville received a $150,000 Demonstration Fund award to generate sales of its fuse5 software for auto parts stores. The custom software development company has the ability to create a wide variety of software solutions and has found its niche in web-based solutions. To generate sales, GTT is targeting the heads of buying groups that represent the decision-making for independently owned auto parts stores. GTT will attend buying group meetings, national trade shows and conduct a regional direct-mailer campaign.
Ames biotech company helping researchers
Ames start-up LuCELLa Biosciences received an $86,000 award from the Demonstration Fund to recruit customers who can serve as references for its custom carbohydrate molecules. Founded in 2008, the company has worked to develop enabling technology which will help researchers more quickly unlock the potential of life sciences by providing research materials. The company has developed equipment which allows for the automated manufacture of custom carbohydrate molecules for research purposes. The demonstration fund money will allow the company to recruit and deliver orders to approximately 10 customers over the next year.
For the timeframe beginning July 1, 2007, and ending September 16, 2010, 279 projects were approved by the DED Board with capital investment in the amount of $5,341,789,867and a total of 20,986 jobs created or retained.