The Iowa Economic Development Authority Board approved two awards for companies in Charles City and Council Bluffs, which will assist in the creation of 71 jobs and result in more than $605 million in new capital investment for the state.
Charles City pharmaceutical company to expand facility
Cambrex, a contract development and manufacturing organization (CDMO) headquartered in East Rutherford, New Jersey, plans to expand their facility in Charles City. Cambrex will add 9,000 square feet to the existing footprint, including a new quality control laboratory and administrative space. The project represents a $6.5 million capital investment and is expected to create 40 jobs, of which 39 are incented at a qualifying wage of $20.58 per hour. The board awarded the company tax benefits and $300,000 in direct financial assistance through the High Quality Jobs (HQJ) program. The Charles City site manufactures active pharmaceutical ingredients (APIs) and pharmaceutical intermediates for both the generic and branded human pharmaceutical markets. The company currently supplies APIs for the treatment of ADHD, smoking cessation, oncology, Crohn’s disease and others.
Google expands presence in Iowa
Google LLC is a multinational technology company that focuses on search engine technology, online advertising, cloud computing, computer software, quantum computing, e-commerce, artificial intelligence and consumer electronics. The proposed project would involve the construction and operations of a data center in Council Bluffs that powers many internet-related products. At the request of the City of Council Bluffs, the board authorized a local property tax exemption through the HQJ program. This enables the city to provide the 20-year sliding scale tax abatement approved by its City Council on October 10, 2022. No new state incentives are planned, but the project will result in $600 million in new capital investment and create 31 jobs at a qualifying wage of $28.73 per hour.