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IEDA funds biodegradables, probiotics and mortgage technology

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The Iowa Economic Development Authority board has awarded $140,000 in incentives to a California manufacturer of biodegradable products that plans to relocate to Ankeny. Chamness Biodegradables LLC will create 36 jobs, with 21 qualifying for state High Quality Jobs program incentives at an initial hourly wage of $29.12, as part of a $661,000 move from Camarillo, Calif., according to an IEDA release. Chamness plans to lease 27,500 square feet in Ankeny, according to a release from the Greater Des Moines Partnership. The board also awarded incentives to Urbandale-based ProbioFerm LLC for a 9,000-square-foot expansion on Justin Drive. Overall, the project carries a price tag of $5.9 million and will create three jobs, including one at an initial hourly wage of $29.12. ProbioFerm sought $190,340 in state tax credits and refunds under the High Quality Jobs Program and could qualify for an estimated $62,442 in the form of an industrial property tax exemption or tax increment finance rebate from the city of Urbandale. In 2015, ProbioFerm was awarded state and city incentives for a $1.9 million, 22,000-square-foot expansion of its manufacturing and warehousing operations. The company had requested $89,560 in tax credits and sales tax refunds under the High Quality Jobs Program and a $53,000 property tax exemption. The board also approved a $100,000 Demonstration Fund loan to West Des Moines-based LenderClose Inc., which develops web-based technology for the mortgage industry. LenderClose wants to expand product offerings and add new features to its current technology and tap more lending platforms. The loan will help with product refinement and intellectual property development and evaluation, according to an IEDA release. The primary purpose of the Demonstration Fund is to help businesses with high-growth potential reach a position where they can attract later-stage, private-sector funding.