State board approves awards to Corridor businesses

 AgSugar, Intermec projects among those funded

Note: Due to an error in a release from the Iowa Department of Economic Development, the amount of the award to Revolt Shave was initially incorrect. The story now reflects the correct amount.

CORRIDOR – Several area  entities were awarded funding today by the Iowa Economic Development Board.

The awards were part of a slate that are expected to create up to 59 jobs and retain another 227 jobs across the state. In addition to the Corridor projects, funding was granted in Harlan, Ankeny and Oelwein.

“Today’s awards underscore the number of homegrown Iowa businesses and startups that are choosing our state as a place to start or expand operations and create jobs for Iowans,” said Gov. Terry Branstad in a statement.

The board awarded a $250,000 royalty agreement and Enterprise Zone tax incentives to AgSugar International Inc. for a Cedar Rapids expansion. The project is expected to create 24 jobs for the industrial biotechnology company, 12 of which will be supported by state incentives.

As part of the project, the company will construct a new facility that will produce cellulose conversion module units, which will help the ethanol producers facilitate a higher yield of ethanol more cost efficiently. The new facility will also house company executive offices and a data center. In addition, the company will update and lease an existing Cedar Rapids facility to assemble fermentation driver module units, which optimize biological and chemical processes. The project represents a roughly $823,000 capital investment.

The board awarded $1.5 million in direct financial assistance to Intermec Technologies Corp. for a proposal to construct a new facility in Cedar Rapids. The supply chain technologies company’s current space flooded in June 2008. The proposed project represents a $14 million capital investment and is expected to retain 224 jobs.

The proposal calls for a two-story, approximately 78,000 square-foot facility in Cedar Rapids’ central business district. The company’s core technologies include radio frequency identification, mobile computing and data systems, bar code printers and label media. The board also approved tax incentives through the state’s Enterprise Zone program.

iPrism Global Inc., a Marion company founded in 2008, offers turnkey cloud computing solutions to corporate customers. The board awarded iPrism $75,000 from the Iowa Demonstration Fund to support final development of the product sponsor workrooms and services and to fund enhanced marketing activities.

The board awarded Iowa City’s Foundations in Learning Inc. $104,000 from the Iowa Demonstration Fund. The company provides scientifically-based intervention solutions for elementary and middle school age students. The project involves the execution of several marketing and sales initiatives in order to accelerate brand awareness, drive more sales leads, close more sales faster and ensure effective implementations and customer satisfaction.

Revolt Shave of Coralville is a patented razor lubricating liquid that does not evaporate. The board awarded the company $75,000 today from the Iowa Demonstration Fund for further commercialization of the product.