Incentives awarded to north Iowa companies
DES MOINES – 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, Governor Chet Culver announced recently.
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. Projects in Peosta, St. Ansgar, Le Mars and Waukon were among those approved for incentives.
"The companies represented by these 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.
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 Grow Iowa Values Financial Assistance Program.
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.
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).
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.