IEDA approves assistance for five expansion projects
The Iowa Economic Development Authority board on Friday awarded direct financial assistance of $2.5 million along with tax benefits to five Iowa companies for their expansion projects. Combined, the projects will result in more than $246 million in new capital investment, the IEDA said in a release. Among the projects, TPI Composites in Newton was awarded $1 million in direct assistance plus tax benefits for a facility to manufacture bus bodies for electric-powered passenger buses. The project has a capital investment of $6 million and will create 351 jobs at a qualifying hourly wage of $18.12 per hour. In the Quad Cities, Arconic Inc. received $1.5 million in direct assistance for a $159.6 million capital investment in its Riverdale aluminum production facility. In Greater Des Moines, Deere & Co.’s Intelligent Solutions Group was awarded tax benefits for its $32.6 million capital investment in a new facility in Urbandale. The project is expected to create 31 jobs and retain 20 jobs at a qualifying wage of $29.12 per hour. The board also approved awards to eight startup companies based on recommendations from the Technology Commercialization Committee. To see a spreadsheet of the awards, click here.