Iowa Incentives Support Over $53M In Capital Investments

The Iowa Economic Development Authority (IEDA) board has awarded direct financial assistance and tax benefits to six companies for job creation and expansion projects.


https://businessfacilities.com/2016/02/iowa-incentives-support-over-53m-in-capital-investments/
The Iowa Economic Development Authority (IEDA) board has awarded direct financial assistance and tax benefits to six companies for job creation and expansion projects.
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Iowa Incentives Support Over $53M In Capital Investments

Iowa Incentives Support Over $53M In Capital Investments

The Iowa Economic Development Authority (IEDA) board has awarded direct financial assistance and tax benefits to six companies for job creation and expansion projects. The awards will assist in the creation of 159 jobs, retention of 675 jobs, and will result in over $53 million in new capital investment for the state. The Iowa incentives will benefit planned or proposed projects located in West Des Moines, Johnston, Muscatine, Cedar Falls, Centerville and Orange City.

Iowa Incentives Support Over $53M In Capital Investments
Aerial view of Des Moines River at Des Moines, Iowa. (Credit: Thinkstock)

West Des Moines: Businessolver.com

Businessolver.com began operations in 1998 and has grown into a technology enabled benefits administrator for employers through the company’s internally developed software-as-a-service configurable platform. The board awarded Businessolver.com $100,000 in direct financial assistance, as well as tax benefits through the High Quality Jobs program (HQJ) for a proposed project that includes the major renovation of their building to accommodate future growth of the company.  This $4.4 million capital investment is expected to create 40 jobs at a qualifying hourly wage of $26.72.

Johnston: DuPont Pioneer’s Global Business Center

DuPont Pioneer was approved for incentives for a Global Business Center project that is expected to result from the recently announced merger between Dow and DuPont. The newly created agriculture company will maintain a strong research, production and business operation that will retain 250 to 500 employees at a qualifying wage of $26.72 at its Johnston location. The company was awarded direct financial assistance of up to $2 million, as well as research activities tax credits, via HQJ. The project will have a capital investment of $500,000.

“Today’s board action on DuPont Pioneer’s Global Business Center in Johnston not only secures this excellent corporate citizen’s presence in our state, but also retains knowledge workers that support countless jobs downstream,” said IEDA director Debi Durham.  “This is about maintaining and fortifying Iowa’s pre-eminent position in the ag-biosciences space, and I am pleased that we are playing an integral role in DowDuPont’s future success in our great state.”

Muscatine: HNI Capital Investment Project

HNI is the second largest manufacturer of office furniture and the largest manufacturer of fireplaces and stoves in the world. HNI is considering a significant modernization investment of its Muscatine facilities primarily involving machinery, equipment, infrastructure and installation. HNI was awarded tax benefits from HQJ for this $17.8 million capital investment project, which is expected to retain 175 jobs at $17.60 per hour.

Cedar Falls: Jack Henry & Associates Expansion

Jack Henry & Associates, Inc. is a provider of technology solutions and payment processing services primarily for the financial services industry. In March 2014, Jack Henry acquired Cedar Falls-based Banno. The company’s proposed $580,000 capital investment includes relocating the Des Moines office to a larger facility, remodeling its offices in Cedar Falls and Des Moines, and purchasing equipment to accommodate growth. The project was awarded $200,000 in direct financial assistance as well as tax benefits from HQJ, and is expected to create 50 jobs at a qualifying wage of $26.72 per hour.

Centerville: RMA Armament, Inc. Expansion

RMA Armament, Inc. is a composite manufacturing company, specializing in body armor applications. The company’s customers are primarily domestic law enforcement officers and allied foreign governments. RMA plans to move its operations to the former National Guard Armory in Centerville and expand manufacturing capabilities to meet industry demands. The board awarded RMA Armament $34,000 in direct financial assistance as well as tax benefits via HQJ for this $501,000 capital investment. The project is expected to create 20 jobs at a qualifying hourly wage of $14.42.

Orange City: Vogel Paint and Wax Company, Inc. Expansion

Vogel Paint and Wax Company, Inc. is a manufacturer of industrial powder and liquid coatings, wood finishes, automotive coatings and other miscellaneous coatings.  The board awarded the company tax benefits via HQJ for a $29.9 million capital investment project that includes an 86,000-square-foot expansion of the powder coatings manufacturing facility in Orange City. The project is expected to create 49 jobs, of which three are incented at a qualifying wage of $20.82 per hour.

Relocating or Expanding Your Business In Iowa

Considering Iowa for your company’s relocation or expansion project? Check out Business FacilitiesIowa Incentives and Workforce Development Guide.

 

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