IEDA announces awards to three companies for projects that will create 84 jobs
Agency also announces awards to startups and businesses under new butchery program
Three companies with an established presence in Iowa have been awarded nearly $4.2 million in tax credits and incentives for projects that will create 84 jobs.
The Iowa Economic Development Authority announced the awards to 3M, Hormel and Klauer Manufacturing Company on Friday. The IEDA board also announced awards to four startups and 15 businesses under the Butchery Innovation and Revitalization Program.
The awards to the companies include:
- $1.92 million to 3M to expand its building envelope, Flexographics and Thin Bonding Tapes operation in Knoxville. The project represents a more than $39 million investment that will create 30 jobs that pay a qualifying wage of $23.46 per hour.
- $1.3 million to Hormel Foods Corp. to expand its SPAM production line in Dubuque. The project represents a $43 million investment that will create 38 jobs that pay a qualifying wage of $21.13 per hour.
- $977,000 to Klauer Manufacturing Co. in Dubuque for a 73,000-square-foot expansion to accommodate growth in its product lines. The company makes premium sheet metal building products for residential roofing, siding and soffit materials, and some components for agriculture and light commercial buildings. The project represents a $13.9 million investment that will create 16 jobs that pay a qualifying wage of $21.13 per hour.
The awards to the four startups are:
- Ames-based Providence Data Technologies, doing business as Distynct, provides an internet-based remote monitoring and alarm platform for livestock facilities, which allows producers to optimize personnel by directing them to the most significant problems of the day. The company was awarded a $100,000 Demonstration Fund loan for IP development and evaluation, proof of concept work, product refinement, key personnel, equipment, and construction.
- Ames-based Sublime Stericeuticals Corp. which was awarded a $25,000 Proof of Commercial Relevance loan for proof of concept work, product refinement, market planning and equipment. The company’s patented Cryophilizer system technology delivers an efficient and consistent process that freezes drug products that create time and cost efficiencies, along with other benefits.
- Coralville’s Firefly Photonics LLC was awarded a $100,000 Demonstration Fund loan for product refinement. The company develops infrared light emitting diode and photodiode components used to sense methane and carbon dioxide gasses.
- Des Moines-based Pitchly was awarded an Innovation Acceleration Propel Fund loan for product refinement, market planning and key personnel. The provider of software-as-a-service applications offers customers the ability to access, search, edit and share data with fellow employees and connect to common work tasks.
The IEDA board also announced awards to 15 businesses under the Butchery Innovation and Revitalization Fund program. The program was created in 2021 to provide grants to businesses for projects related to small-scale meat processing, licensed custom lockers and mobile slaughter units. The maximum award is $50,000 and no more than 50% of project expenses can be paid with the grant funds.