The Iowa Economic Development Authority (IEDA) board approved its first round of awards through the state’s new Business Incentives for Growth (BIG) program Friday, Feb. 20, backing five companies expected to create 536 jobs and generate $268.2 million in capital investment across Iowa.
The awards, which provide tax credits under the BIG program that launched last month, cover projects in Hiawatha, Vinton, Bettendorf, Bondurant and Waverly.
According to a release, the BIG program supports capital investment and quality job creation projects that strengthen Iowa’s economic competitiveness via tax benefits.
CCB Packaging, Hiawatha
CCB Packaging in Hiawatha, which provides packaging services for food and pharmaceutical companies, will build a 65,000-square-foot addition and install a new automated production line to modernize and expand its operations. The $13.3 million capital investment is expected to create nine jobs, including six at a qualifying wage of $30.41 per hour. The board awarded the company $343,497 in tax credits.
Sewer Equipment Company of America, Vinton
Sewer Equipment Company of America, a manufacturer of sewer cleaning and vacuum equipment for municipal and contractor markets, will purchase an existing facility in Vinton to consolidate its fabrication operations in Iowa. Components will be shipped to the company’s Illinois plant for final assembly and testing. The $3 million capital investment is expected to create 30 jobs, with 22 at a qualifying wage of $24.18 per hour. The board awarded $84,375 in tax credits.
Larger Iowa projects
The largest Iowa BIG program awards went to two major manufacturers. Arconic Corp., a Pittsburgh-based producer of aluminum products for commercial aircraft, defense systems and automotive markets, will build a new aluminum casting complex at its Davenport Works facility in Riverdale/Bettendorf. The $131 million investment is expected to create 40 jobs and earned the company $6.55 million in tax credits. And Pella-based Vermeer Corp. will develop a 300,000-square-foot production facility in Bondurant to meet growing demand for its agricultural and industrial equipment. The $102.7 million project is expected to create 182 jobs and received $5.1 million in tax credits.
In addition, LMI US, LLC, doing business as Revolution Concrete Mixers, received $660,000 in tax credits toward an $18.2 million project to establish manufacturing operations in Waverly, with 275 jobs anticipated.
Additional awards
The board also approved Community Attraction and Tourism (CAT) program grants to three communities: $1 million to the city of Inwood for a 19,000-square-foot community center, $197,000 to the city of Farley for a library and community center renovation, and $53,000 to the city of Lohrville for a spray pad at Lohrville City Park.
Separately, IEDA recently approved a $1 million Innovation Acceleration Expansion Fund loan to Gross-Wen Technologies, Inc. of Slater, which produces an algae biofilm wastewater treatment system, through the State Small Business Credit Initiative Innovation Fund.
