IEDA announces awards for projects that will create 407 jobs
BUSINESS RECORD STAFF Jul 19, 2021 | 3:44 pm
2 min read time570 wordsAll Latest News, Economic Development, Iowa News
The Iowa Economic Development Authority has awarded more than $8 million in incentives to five companies for projects that will create more than 400 jobs.
The IEDA board also announced innovation funding for two startups during its meeting on Friday.
Industrial and farm equipment manufacturer Vermeer Corp. in Pella was awarded more than $2.2 million in tax refunds and credits for a planned project, including the construction of a new parts distribution facility at its Pella campus. The project represents a capital investment of nearly $44 million.
According to IEDA documents, the project is needed to accommodate growth and to separate parts and aftermarket support from the manufacturing process, helping to increase overall efficiency in the operation.
The company also plans infrastructure improvements, such as providing air conditioning to plants, retrofitting the existing parts center for employee on-boarding and safety training, and repurposing the former “Lely” facility for product and field training.
As part of the project, the company plans to create 100 jobs, 75 of which will pay a qualifying wage of $22.62 per hour. Nearly 3,200 people are currently employed at Vermeer’s Pella campus.
Another Pella-based company, Pella Corp., was awarded a $200,000 forgivable loan for a $5.6 million project at its Shenandoah site where, according to IEDA documents, the company plans to purchase and install equipment to consolidate the manufacturing of its entire line of Pella Architect Series brand double hung windows in Iowa. The project is expected to create 120 jobs, paying a qualifying wage of $20.58 per hour.
Elanco US Inc in Fort Dodge received nearly $3.8 million in a forgivable loan, investment tax credits and other credits and refunds for a project that includes the investment in machinery, equipment and research and development. It represents a $59 million capital investment.
The company, which develops and manufactures products to prevent and treat disease in farm animals and pets, plans to create 26 jobs paying a qualifying wage of $19.47 per hour.
The IEDA board also awarded a $125,000 forgivable loan and $95,000 in tax credits to Almaco in Nevada for a project to expand its existing space to support growth and to add machinery, equipment and research and development. IEDA documents show the project represents an $850,000 capital investment.
The company, which designs and manufactures agriculture machinery used in research programs and seed production worldwide, plans to add 60 jobs, 34 of which will pay a qualifying wage of $27.07 per hour.
Weller Inc. in Knoxville was awarded $755,690 in tax credits and a $1 million forgivable loan for a project to build a plate processing facility and various infrastructure improvements to its existing facilities. It represents a nearly $23 million capital investment.
The company, which makes equipment for the asphalt paving industry, plans to create 101 jobs, 76 of which will pay a qualifying wage of $22.63 per hour.
The IEDA board also approved awards to two startups.
Des Moines-based Gain Compliance was awarded a $100,000 Demonstration Fund loan for key personnel. The company develops a software platform that assists businesses with the filing of financial reports. The company plans to create automation and feature enhancements to its platform.
FarmPost Inc. of Dewitt was also awarded a $100,000 Demonstration Fund loan for product refinement, market planning and key personnel. The company developed a mobile app for farm labor management that helps farmers connect with the local workforce and manage hiring all in one place.