Economic Development board awards incentives
Two Central Iowa companies received state incentive awards this morning from the Iowa Economic Development Board.
Capital City Fruit Co. received $215,000 in direct financial assistance and tax incentives for a proposed 84,000-square-foot office, distribution and repacking facility in Norwalk. The project represents an $11.4 million investment by the regional food distributing company.
The board also awarded $150,000 to Metabolic Technologies Inc. (MTI Biotech) in Ames, which the company will use to test a new product. MTI Biotech has developed a new delivery method for hydroxyl methyl butyrate, an ingredient used in the sports nutrition industry and a key ingredient in medical nutritional products.
The board also approved incentives for projects in Osage, Mitchell County, Cedar Rapids, Fort Dodge, Dubuque, Le Mars, Pella, Marion, Milford and Storm Lake, which the board said will create 250 jobs and retain an additional 150.
For a list of the projects approved, click here.