IEDA awards tax credits to Illinois company moving to Iowa
State approves awards for projects that will create 234 jobs, four startups
An Illinois company will move to Iowa with the help of tax incentives approved by the Iowa Economic Development Authority on Friday.
RILCO Inc. is a large lubricant distributor and service provider that has developed brands of lubricants, antifreeze and greases under the Tec-Guard and Tec-Kool labels. They are distributed to industrial, agricultural construction and retail customers primarily in Iowa and Illinois.
According to the announcement on Friday, the company plans to move its corporate headquarters from Moline, Ill., to Eldridge, Iowa. The project will include a 58,000-square-foot expansion to a building and improvements to the warehouse and office space, new machinery, equipment, infrastructure and furniture.
IEDA documents how the company was awarded $135,000 in tax credits and refunds. The award is contingent on the city of Eldridge approving matching funds. The city is also planning a 10-year tax increment finance package for an amount to be determined.
The project will create 81 jobs, 31 of which will pay a qualifying wage of $27.56 per hour.
RILCO currently operates in four additional Illinois communities and in Pella.
Other awards announced Friday:
- More than $1 million in tax credits and refunds was awarded to A to Z Drying Inc. in Osage, where it has been operating for 50 years. The company provides custom spray drying, blending, packaging and warehouse services. As part of its project, the company plans to expand its facility to install a new high-capacity spray dryer to support customer growth. The $23.25 million project will create 16 jobs, nine of which will pay a qualifying wage of $24.91 per hour.
- Tax credits and refunds totaling $800,000 were awarded to M.H. Eby Inc. in Story City. The company makes livestock trailers and semitrailers. M.H. Eby plans to expand its current facility by 100,000 square feet to support the growth of its business. The project, estimated at $15.35 million, will create 128 jobs, 13 of which will pay a qualifying wage of $30.07 an hour.
- Mid-States Material Handling and Fabrication Inc. was awarded $85,000 in tax refunds for a 15,000-square-foot expansion of its corporate headquarters in Nevada, and a 10,000-square-foot expansion of its manufacturing space to include expanding its grain material handling system. The $3.4 million project will add nine jobs, one of which will pay a qualifying wage of $29.47 per hour. Mid-States will also receive a $300,000 tax increment finance package from the city of Nevada.
The IEDA board also approved awards to four startups on Friday:
- Ames-based Coltie Inc. was awarded a $50,000 Proof of Commercial Relevance loan for project refinement. The company created a social network and mobile app that pairs prospective students with faculty in graduate programs using artificial intelligence.
- Janas Materials Inc., also based in Ames, was awarded a $100,000 Demonstration Fund loan for product refinement, personnel and equipment. The company develops sustainable technology for the coating industry to improve the appearance and application of wood stains.
- Primary Assembly LLC in Cedar Rapids was awarded a $50,000 Proof of Commercial Relevance loan for key personnel. The company developed software that processes real-time brainwave data and turns it into music. The software is being tested by the neurotherapy industry for integration into treatment of patients with post-traumatic stress disorder.
- Denison-based MOD Advisor Inc. was awarded a $100,000 Demonstration Fund loan for intellectual property development and evaluation, proof of concept work, product refinement, personnel, and market planning. The company developed software that automates the process of performing workers’ compensation analysis, making it more efficient.
- GW Nutrition Inc., based in Slater, was awarded a $50,000 Proof of Commercial Relevance loan for proof of concept work, product refinement, key personnel, equipment and market planning activities. The company developed technology to improve the acceptance of food ingredients. It has a patent pending for technology that uses a proprietary light delivery system to reduce microbial contamination while moderating characteristics such as color, flavor and odor of alternative proteins.