The Cedar Rapids City Council will be sponsoring JRS Pharma’s application for state financial assistance to help expand its manufacturing operations in southwest Cedar Rapids, including a declining-scale exemption of local property taxes for the project. The agreement between the city and JRS Pharma was passed as part of the consent agenda for the council’s […]
The Cedar Rapids City Council will be sponsoring JRS Pharma’s application for state financial assistance to help expand its manufacturing operations in southwest Cedar Rapids, including a declining-scale exemption of local property taxes for the project.
The agreement between the city and JRS Pharma was passed as part of the consent agenda for the council’s Sept. 13 meeting.
According to information from city documents,
JRS Pharma is planning a 9,200-square-foot expansion of its manufacturing facility at 725 41st Ave. Dr. SW, including related site improvements, machinery and equipment.
The project, which comprises an $18 million capital investment, will result in the creation of 18 new jobs, all of which will meet the state’s current High Quality Jobs wage threshold of $24.40 per hour.
Under the city’s incentive for the project, JRS Pharma LP would receive a 10-year, declining scale tax exemption on new property value generated by the project, in accordance with the Urban Revitalization Plan for the area. In this case, the incentive will provide an estimated exemption of $462,000 in total property taxes over the 10-year period.
The incentive was contingent on the JRS Pharma expansion project being approved for incentives under the Iowa Economic Development Authority’s Business Financial Assistance Program. The IEDA approved assistance Sept. 16.
JRS Pharma is a manufacturer of excipients (inactive substances that serve as the vehicle or medium for a drug or other active substance) for the global health science industry. The company’s products include high functionality excipients, binders, disintegrants, lubricants, functional fillers, thickeners, stabilizers, carriers and coatings.
JRS Pharma is part of the family-owned JRS, J. RETTENMAIER & SÖHNE Group, which spans across numerous industries. Founded in Germany in 1878, the JRS Group has over 140 years of experience in the research, development and processing of high-quality, functional organic fibers made from renewable, plant-based raw materials.
According to a 2019 report, JRS Pharma had 75 Cedar Rapids employees in research, production, quality control and administrative roles. The company is the recipient of
an Innovative Training Partner award as part of the Corridor Business Journal’s 2022 Workforce Innovation program.
