Construction progressing on new $4.5 million Diamond V headquarters

CEDAR RAPIDS -- A new $4.5 million world headquarters for Diamond V Mills is taking shape just south of the company's manufacturing plant at 2575 60th Ave. SW.

The 16,500-square-foot building will replace Diamond V Mills' existing corporate headquarters at 838 First St. that was significantly damaged by the June 2008 flood. The building, which was extensively remodeled and repaired, is located in the 100-year floodplain and subject to a city buyout.

Diamond V Mills' new corporate headquarters will feature geothermal heating and cooling and many other environmentally beneficial features.

Diamond V Mills received $75,000 in state direct financial assistance and tax incentives for the project as well as a $12.5 million production expansion at the plant, which manufactures the company's highest volume products. The direct financial assistance will be provided through IDED”s Grow Iowa Values Financial Assistance Program and the tax incentives were awarded through the state's High Quality Jobs program.

The plant expansion will create 12 positions, but there will be no increase in the size of the $25 million facility that was completed in 2009.

Diamond V Mills, with about 90 employees, manufactures and markets nutritional fermentation products for animal nutrition and health. It is a family owned business with a 69-year history.