State incentives approved for Hiawatha company

A Hiawatha company will receive state assistance to build a new office and warehouse in the city and add 28 jobs.

The Iowa Economic Development Authority on Friday approved providing World Class Industries with $405,500 in tax credits and refunds for a proposed expansion.

World Class announced earlier this week that it plans to spend about $8 million to build a new 50,000-square-foot space off Stamy Road in Hiawatha.

The company currently has about 36,000-square-feet of office, manufacturing and warehouse space in the 900 block of North 15th Avenue. World Class would keep both facilities open as part of the expansion.

World Class is a supplier and assembler for equipment makers such as Deere and Co., Caterpillar, Bobcat and Case New Holland.

The company has 68 employees in Hiawatha, President Brent Cobb said Wednesday. It would need to add another 28 to receive the incentives.

Sixteen of those jobs would have to pay at least $24.91 an hour.

In addition to the state incentives, the city of Hiawatha is expected to provide a five-year, 75 percent tax increment financing deal valued at $708,500, according to state documents.

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