IEDA approves awards to Denison snack maker, Tyson
BUSINESS RECORD STAFF Aug 20, 2021 | 7:53 pm
2 min read time458 wordsAll Latest News, Economic Development
A snack maker has been awarded state tax credits for a project that will expand its production lines at the former Quality Food Processors in Denison as part of a series of awards announced today by the Iowa Economic Development Authority.
The awards also included tax credits to Tyson Fresh Meats Inc. to expand its facility in Louisa County in southeast Iowa.
In all, the IEDA board approved awards that will lead to the creation of 170 jobs and more than $50 million in capital investments.
Monogram Food Solutions LLC was awarded $156,700 in investment tax credits and sales, service use tax refunds for its $13.9 million expansion of the former Quality Food Processors plant in Denison. Monogram acquired the plant last year.
According to IEDA documents, the project will create 125 jobs that pay a qualifying wage of $18.51 per hour.
The expansion will allow the company to add two manufacturing lines for slicing retail bacon as well as modifications to the building to accommodate the new equipment.
The IEDA board also approved $537,337 to Tyson Fresh Meats for its expansion in Louisa County. The $15.4 million project will allow the company to replace machinery to allow for the use of new processing technology for pork products, including pork loins, pork shoulders hams and spareribs.
According to IEDA documents, the project will create 10 jobs, eight of which will pay a qualifying wage of $19.65 per hour.
Other awards announced today include:
Fluid Quip Technologiesin Cedar Rapids: $50,000 forgivable loan, $50,000 zero percent interest loan and $77,923 in investment tax credits and sales, service, use tax refunds. The company will also receive $20,000 in tax increment financing from the city of Cedar Rapids. The $1.3 million project is expected to create 32 jobs that pay a qualifying wage of $24.20 per hour. The company, which develops new technologies for the biochemical market, plans to build out the second floor of shell office space in its building for conference rooms, breakrooms, reception, health room and support spaces.
Cemen Tech in Indianola: $49,140 in sales, service, use tax refunds. The company, which makes volumetric concrete mixers, plans to expand its existing production and office space. The $2.8 million project is expected to create one job that pays a qualifying wage of $28.01 per hour.
Calcium Products in Webster County: $225,00 in sales, service, use tax refund. The company, which makes calcium-based fertilizer pellets for the agriculture and turf industries, plans to build a 70,000-square-foot production and warehouse facility to replace its existing facility. The new facility will allow the company to increase production by more than 200%. The more than $17 million project is expected to create two jobs that pay a qualifying wage of $20.47 per hour.