IEDA approves awards to grain equipment maker, 4 startups
The Iowa Economic Development Authority has approved awards to a company that makes grain handling equipment in northwest Iowa’s Lyon County and four startups. It also gave final approval for a reinvestment district in Cedar Rapids.
In action taken on Friday, the IEDA board approved:
- $543,625 in tax credits and refunds to Diversified Technologies in Lyon County. The company, which makes grain handling equipment and aerial lifts, plans to build a new facility to have nearly 160,000 square feet under one roof. The $12.6 million project is expected to create 10 jobs that pay a qualifying wage of $21.96 per hour.
- A $100,000 Demonstration Fund loan to True360 in Ames for product refinement and market planning. The startup captures immersive experiences through its WOW! Moment Finder that compiles highlight reels and its 360-degree camera enclosures that can immerse users into different worlds.
- A $25,000 Proof of Commercial Relevance loan for equipment and market planning to Ames-based Zymosense. The company is developing a modular enzyme characterization platform to test in complex backgrounds that is simpler to use and more accurate than traditional procedures for research and development.
- A $25,000 Proof of Commercial Relevance loan to Music League LLC in Des Moines. The loan is for product refinement. The company is a social gaming app that facilitates debate on music-related topics.
- A $100,000 Demonstration Fund loan to IDRamp Inc. in Indianola for marketing, travel memberships and market planning. The company has created a platform to enhance identity management systems that support security and service delivery, addressing business needs through flexibility and speed. The platform, Bouncer, will further focus on the security of online meetings.
- $9 million for the Cedar Rapids Central Reinvestment District. The $160.8 million mixed-use project will include housing, entertainment, retail and hotels. It also incorporates downtown flood control and Cedar River recreation for tourism.
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