Economic development board funds projects
The Iowa Department of Economic Development board of directors this morning approved funding to assist seven Iowa companies in expansion projects that will create or retain 283 jobs. The largest of the awards, $625,000, was made to an Ashley Industrial Molding Inc. of Olwein, which expects to create 125 manufacturing jobs in northeast Iowa paying an average of $16 per hour.
Awards to Central Iowa companies included:
– $415,000 in direct economic development incentives to Generation Repair and Service LLC of Story City. The new company will serve as a repair and service facility for electric generation equipment operated by its parent company, FPL Energy LLC. The proposed facility will include offices, staging areas for equipment and lay-down areas for cranes used in manufacturing and construction. Generation Repair will receive $115,000 in Community Economic Betterment Account funds and $300,000 from the Physical Infrastructure Assistance Program, plus tax benefits from the High Quality Jobs Creation program. The project is expected to create 23 jobs.
– $175,000 to Pulmuone Wildwood Inc. in Grinnell for an expansion of its plant to accommodate its proposed purchase of a division of another food company. Pulmuone makes cultured soy-based products from primarily organic Iowa soybeans and hummus from organic garbanzo beans. It will receive a five-year, no-interest loan of $75,000 and a $100,000 forgivable loan. The company expects to add 15 positions paying $15.21 an hour.