State OKs financial incentives for Coralville, Marion projects

The Iowa Economic Development Authority Board on Friday approved financial assistance for two projects in the Corridor.

ELPLAST America was awarded $148,450 in the form of investment tax credits and sales tax refund from the state's high-quality jobs program to build a 30,000-square-foot manufacturing facility in Marion.

The $4.14 million facility, which will begin operating in 2014, will employ 36 in the initial phase of production. Employment has the potential to grow to 70 in the second phase.

ELPLAST America, affiliated through 90 percent common ownership with ELPLAST of Zory, Poland, will manufacture press-to-close zippers for flexible packaging used by manufactures in the food, pet food, lawn care, pharmaceutical and other areas.

An agreement with the city of Marion, which includes $400,000 in tax increment financing, was approved Aug. 8 by the Marion City Council. The plant will be the initial tenant in the 181-acre Marion Enterprise Center development.

The IEDA Board also awarded a $300,000 loan to Cellular Engineering Technologies of Coralville through the Iowa Innovation Acceleration Fund.

CET, which specializes in stem cell research, tissue engineering and cancer biology, plans to work on discovering, developing and licensing its preclinical drug assets for rare diseases and unmet medical needs.

CET proposes to raise $2.5 million of matching funds from professional accredited angel investors. The company also is seeking to obtain capital funding from Coralville and Iowa City, the University of Iowa, and the John Paul II Medical Research Institute to build a clean room.