IEDA approves awards for projects that will create 266 jobs
MICHAEL CRUMB Nov 21, 2022 | 8:15 pm
2 min read time478 wordsAll Latest News, Economic Development, Tech & Innovation
The Iowa Economic Development Board on Friday approved awards for five companies that will lead to the creation of 266 jobs, and represent more than $200 million in capital investment in the state. The IEDA board also approved funding for two startups.
The companies that received funding from IEDA include:
- Zoetis Inc. in Charles City received a total of $4.38 million in tax credits and tax refunds for a planned 95,000-square-foot expansion of its facility to add manufacturing space and create temperature-controlled spaces, new equipment and storage. The company makes medicine, vaccines, diagnostic products and genetic tests for the animal health industry. According to IEDA documents, the more than $75 million project is expected to create 70 jobs, 17 of which will pay a qualifying wage of $20.53 per hour.
- IceCap Cold Storage in Council Bluffs was awarded $766,00 in tax credits for phase 2 of the expansion of its warehouse distribution facility and the addition of equipment. The $69 million project is expected to create 146 jobs, 96 of which will pay a qualifying wage of $24.42 per hour.
- Benson Hill Inc. in Creston received $1.4 million in tax credits and refunds for a 15,000-square-foot expansion and the purchase of equipment to create an extrusion facility. The company converts proprietary Benson Hill soybeans into high-protein soymeal and high-oleic oil, as well as food-grade high-protein food ingredients. The $28 million project is expected to create 11 jobs, nine of which will pay a qualifying wage of 19.83 per hour.
- Convergen Energy was awarded $587,250 for the planned construction of a 100,000-square-foot production facility in Fairfax. The company, founded in Green Bay, Wis., takes pre-consumer industrial byproducts that would otherwise be sent to the landfill and converts them into a fuel that is often used as a substitute for fossil fuels. The $22.5 million project is expected to create 23 jobs, 11 of which will pay a qualifying wage of $24.20 per hour.
- AML Riverside in Fort Dodge was awarded $200,000 in forgivable and zero-interest loans, and $210,000 in tax refunds for a planned expansion of its production space. The company makes pharmaceutical products for animals. It plans to expand space to house a dispensing room, multiple processing rooms and processing equipment. The $11 million project is expected to create 16 jobs that will pay a qualifying wage of $21.47 per hour.
The IEDA board also approved awards to two startups:
- CartilaGen in Coralville received a $125,000 Demonstration Fund award for product refinement, market planning and personnel. The company makes an intra-articular injection of a small molecule drug that prevents post-traumatic osteoarthritis. The technology has shown strong results in pre-clinical testing and has advanced to human testing.
- Hummingbirds in Des Moines received a $100,000 Demonstration Fund award for market planning, personnel and advertising. Hummingbirds is a marketplace that helps brands find and work with local content creators and influencers.
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