Vspec plans expansion, renovation project

CEDAR RAPIDS - A Cedar Rapids-based third party administrator of physical damage claims for vehicles plans to renovate a 36-year-old building and add 30 jobs.

Vspec is seeking financial incentives primarily in the form of state investment tax credits. The Cedar Rapids City Council is expected to consider economic development assistance as well as sponsorship of a state financial assistance application for the project at its Tuesday meeting.

The Cedar Rapids Metro Economic Alliance assisted in preparation of the state application that was sent to the Iowa Economic Development Authority in February.

Built in 1980, the building at 4200 C St. SW originally was designed for use by FMC Link-Belt, which until 1985 had a plant in Cedar Rapids that manufactured construction equipment. Vspec, owned by IGD Industries of Cedar Rapids, will significantly upgrade the facility to contemporary office space.

Pending approval of financial incentives, renovation and construction is expected to begin next month. Completion is projected for March 2017.

'Since Vspec's founding in 2004, our corporate facilities have been in Cedar Rapids,” said Jeff Grosclaude, Vspec executive vice president and chief operating officer, in a news release. 'We are excited to house our growing employee base within our existing business neighborhood.”

Vspec is housed in IGD Industries' corporate headquarters at 4150 C St. SW. Grosclaude said the move nearby will create a campus environment with IGD Industries.

Vspec's core product is a managed repair program, intended to reduce expense for clients while expediting repairs and improving customer satisfaction. The company was launched in a Rochester, N.Y., body shop, primarily handling semi-tractor and trailer repair. Over the years, it expanded to provide third-party claim services for all types of vehicles.

IGD Industries purchased the former Fleet Priority Services in 2005. The company changed its name to Vspec in 2015 to better align its name with its business.