The Iowa Economic Development Authority board on Friday approved a loan and tax benefits to two companies in the state. The incentives will lead to the creation of 60 jobs and $14.6 million in new capital investment. Also, a project in West Liberty received a Community Attraction and Tourism grant.

United Equipment Accessories of Waverly awarded the company a $95,000 forgivable loan and tax benefits through the High Quality Jobs program to expand its operations in Boone County. The company, which is one of the largest manufacturers of slip rings, rotary unions and hose/cable reels, will maintain its Waverly presence and plans to buy and remodel a 36,000-square-foot facility along Highway 30 in Boone County to support future growth.

The project represents a capital investment of just over $4 million and is expected to create 25 jobs, of which 10 are incented at a qualifying wage of $32.47 per hour. UEA has been a family-owned company since its founding in 1952. Its original product, a remote-control kit for operating truck-mounted cranes or excavators from the rear operator cab, included a key component known as a slip ring.

“This strategic purchase is a key component of our growth strategy, aimed at enhancing our manufacturing capabilities and supporting future acquisitions,” Deb Malek, CEO of United Equipment Accessories, said in a press release. “Our Waverly, Iowa, operations will continue to focus on the growth of our existing product lines, including slip rings and rotary unions. The new Ames facility will undergo renovations to transition into a state-of-the-art manufacturing space, positioning UEA for continued success and innovation in the industries we serve.”

Virnig Manufacturing, a long-standing manufacturer of skid steer attachments and other similar equipment for the construction and agricultural sectors, is buying and remodeling a vacant building in Fort Madison. The $10.6 million project was awarded tax benefits through the HQJ program. It is expected to create 35 jobs, of which 32 are incented at a qualifying wage of $21.64 per hour.

The Muscatine County Fair and Community Foundation of Greater Muscatine were awarded $422,000 to build a new Muscatine County Event Center in West Liberty, which will include a board room, offices, kitchen space and more. It is expected to attract between 50,000 and 60,000 attendees over the next three years. The total project cost is over $2.1 million.