On Friday, the Iowa Economic Development Authority Board approved financial incentives for businesses in Ankeny and Cedar Rapids that are expected to create 16 jobs and bring $72.7 million in new capital investment to the state, a release stated. The board also backed funding for startups in Ames, Coralville and Fairfield.
Ingredion to build new facility in Cedar Rapids
Ingredion, an ingredients solutions company specializing in sweeteners, starches, and plant-based nutrition, plans to construct a 9,000-square-foot facility in Cedar Rapids. The project, which includes electrical upgrades and new equipment for a corn starch dryer, storage, and bulk loading, represents a $47 million capital investment.
According to the release, the expansion is designed to meet the rising demand for plant-based products. Ingredion was awarded tax benefits through the state’s High Quality Jobs program. The project is expected to create four new jobs with a qualifying wage of $32.64 per hour.
Coralville-based Poultry Patrol receives funding for robotic farm assistant
Poultry Patrol, Inc., a Coralville startup, has developed a poultry-tending robot designed to stimulate bird movement in turkey barns while alerting farmers to spills, health concerns, and maintenance needs. The robotic assistant aims to improve animal husbandry, keeping turkeys healthier and saving farmers both time and money.
The company was awarded a $50,000 Proof of Commercial Relevance loan to support key personnel and further proof-of-concept work. The IEDA board approved the award following a recommendation from the Technology Commercialization Committee.
Herbert Hoover Presidential Library and Museum receives CAT grant for expansion
The Hoover Presidential Foundation secured a $400,000 Community Attraction and Tourism grant to renovate and expand the Herbert Hoover Presidential Library and Museum in West Branch. The 60-year-old facility will undergo redesigns aimed at showcasing new exhibitions that highlight the Hoovers’ contributions.
As one of only ten states to host a presidential library and museum – and one of just two located within a national park – the upgraded facility is expected to have a broad national impact, the release stated. The project’s total estimated cost is $13.7 million.
The CAT program provides funding for community projects that enhance Iowa’s recreational, cultural, educational and entertainment infrastructure. Grant recommendations are made by the CAT Review Committee before final approval by the IEDA Board.
Other grant awardees include:
- Mrs. Clark’s Foods in Ankeny, which was awarded tax benefits through the High Quality Jobs program for its expansion.
- Ames-based startup Janas Materials, Inc. was awarded a $100,000 Demonstration Fund loan for product refinement, key personnel and equipment.
- Fairfield’s Better Natural, LLC received a $50,000 Proof of Commercial Relevance loan for key personnel and equipment.
- Polk County received a $50,000 Sports Tourism Grant for the Ultimate Fighting Championship mixed martial arts Fight Night at Wells Fargo Arena.
- Clive startup MOD Advisor, Inc. was awarded State Small Business Credit Initiative funding in the form of a $250,000 Innovation Acceleration Launch Fund loan for proof of concept work, product refinement, key personnel and market planning and entry activities.
