Tiffin developer hoping state money helps lure Fortune 500s

A developer is hoping to leverage state money to lure Fortune 500 companies to a tract of land in Tiffin.

The Iowa Transportation Commission approved a RISE, or Revitalize Iowa's Sound Economy, grant on Tuesday for up to $1.58 million, or half the city's estimated cost to construct about a half mile of Village Drive on the south side of Tiffin.

'So close to Interstates 80 and 380, we feel we have a unique opportunity to offer sites to Fortune 500 companies who are looking to relocate and bring dollars to Iowa and the Midwest,” said Travis Armstrong, vice president of Cedar Rapids-based High Properties.

This was one of five RISE projects worth more than $12 million approved by the Transportation Commission, which provides guidance for the Iowa Department of Transportation, at its monthly meeting on in Ames.

The commission also approved more than $1.29 million for five rail infrastructure and related rail development projects under the Railroad Revolving Loan and Grant Program.

In Tiffin, the Village Drive construction will provide access to nine lots and more than 60 acres for light industrial and professional offices, according to Iowa DOT. The road work is slated for completion next November. The overall investment in the area is projected at $19 million, according to Iowa DOT.

A logistics company was looking at the site a year ago, but opted for something elsewhere, Armstrong said. He said he heard that was because of the 'lack of shovel-readiness.”

'I can't tell you how much it helps having infrastructure in place when trying to bring in a project,” he said.

The state-funded RISE grants are intended to match with local money to support economic development through street improvements.

Other RISE grants

' Burlington/West Burlington:

Up to $1.5 million to improve access to the General Electric plant for the switch gear manufacturing line expansion. The project will support the creation of 128 full-time jobs and $7.4 million in capital investment.

Sioux City:

Up to $4.8 million to improve access to the proposed site of Seaboard Triumph Foods Inc. The project will support the creation of 403 full-time jobs and $271.6 in capital investment.

' Davenport:

Up to $4.7 million to provide access to The Kraft Heinz Co. The project will support the creation of 392 retained full-time jobs and $204 million in associated capital investment.

' Ackley:

Up to $240,624 to provide access to seven lots totaling more than eight acres for industrial purposes.