IEDA board announces more than $4.1 million for company expansions, relocations
From a partnership between Archer Daniels Midland Co. and a Japanese company to produce synthetic spider silk, to a Brazilian company moving its global headquarters to the Iowa State University Research Park in Ames, the Iowa Economic Development Authority on Friday announced investments in nine companies that will lead to the creation of more than 200 jobs and more than $100 million in capital improvements statewide.
The IEDA board also approved funding for seven startup companies. in Ames, Clive, Des Moines, Iowa City, Nora Springs and Washington.
The board approved $1 million in investment tax credits to Archer Daniels Midland for the investment and operation of processing equipment at its Clinton plant, where it is working on the spider silk project in collaboration with Spiber America LLC.
Spiber America was awarded a $1 million forgivable loan by the IEDA board in November.
The company’s expansion to Clinton is part of a relationship between Iowa and Spiber that was solidified during a trade mission to Japan in 2019.
Spiber America LLC will combine its technology with ADM’s infrastructure and expertise as they partner to modify and expand equipment at ADM’s biorefinery in Clinton.
When complete, the facility will be the first in the country to produce Spiber’s protein polymers.
The project is expected to create 47 jobs at a qualifying wage of $17.57 per hour.
In other awards, the IEDA board announced a $250,000 forgivable loan and more than $69,000 in tax credit and refunds to Perfect Flight, a Brazilian company created in 2015 to provide solutions to help farmers and aerial applicators to plan, monitor and have clear reports on how and where liquid fertilizer, herbicides and pesticides are applied.
According to IEDA documents, the company plans to open its global headquarters in the ISU Research Park in Ames, where it will create 60 jobs at a qualifying wage of $27.67 per hour.
Other companies that received awards from the IEDA board on Friday include:
- Alliance Outdoor Group Inc., which received a combined $150,000 in a forgivable loan and a zero percent loan, and more than $147,500 in investment tax credits and tax refunds to relocate from Lakesville, Minn., to Centerville. The newly built 45,000-square-foot facility will include 41,000 square feet of manufacturing space and 4,000 square feet of office space. The company makes electric bikes and accessories, hunting tree stands, firearms suppressors and nutritional products for hunters and outdoor enthusiasts. The company plans to create 25 jobs at a qualifying wage of $16.33 per hour.
- Bazooka Farmstar LLC in Washington received nearly $400,000 in investment tax credits and tax refunds to expand its facility by 37,500 feet to add a new paint booth and wash bay. The company, which makes manure handling equipment, plans to add 30 jobs at a qualifying wage of $20.92 per hour. Bazooka Farmstar will also receive tax increment finance contributions from the city of Washington.
- Big River Packing Inc. and BRP Holding LLC in Clinton received nearly $238,000 in tax incentives and tax refunds to expand its facility by more than 35,000 square feet to add additional loading dock bays to load and unload semitrailers. The company makes folding cartons for bakery businesses across the country. It plans to create nine jobs at a qualifying wage of $17.57 per hour.
- CPM Acquisition Corp. of Waterloo was awarded $601,000 in investment tax credits and tax refunds for a project that includes the construction of a building the company will lease to support sales, engineering, research and development, corporate administration, and order fulfillment operations. The company, a supplier of process equipment and technology for the animal feed, oilseed, bioenergy and human food processing industries, plans to create 14 jobs at a qualifying wage of $19.01 per hour. It will also receive more than $2 million in tax increment finance contributions from the city of Waterloo.
- IFF in Cedar Rapids received nearly $686,000 in investment tax credits and tax refunds to add 20,000 square feet to its operation and warehouse space for spray drying and fermentation process. The company, which makes enzymes for biofuels production, food and animal nutrition, and household products, plans to create eight jobs at a qualifying wage of $23.20 per hour.
- Mid-Am Building Supply in Mount Pleasant was awarded $220,500 in tax refunds to build a 120,000-square-foot building for increased material storage and manufacturing space. The company sells building materials to lumberyards and big box stores and makes shingles, doors, siding, windows, decking and other materials. It plans to create eight jobs at a qualifying wage of $17.70 per hour.
- Premier Tech Prairie Inc. in Urbandale received $415,000 in a combination of investment tax credits, tax refunds and a forgivable loan to support its plan to relocate from current leased facilities to a newly built 17,000-square-foot facility and expand its operation. The company specializes in packaging and bulk conditioning solutions for the seed industry, organic materials and peat bog harvesting equipment. It plans to create 16 jobs at a qualifying wage of $26.57 per hour. The company will also receive $216,000 in tax increment financing from the city of Urbandale.