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Hiawatha, Vinton companies gain state tax credits
IEDA awards are the first in new BIG program
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DES MOINES — The Iowa Economic Development Authority board on Friday approved awards to five companies, including ones in Hiawatha and Vinton.
The awards are the first granted through the state’s Business Incentives for Growth (BIG) program, which launched last month. The program supports capital investment and quality job creation projects.
In total, the Friday awards will assist in the creation of 536 jobs and result in $268.2 million in new capital investment for the state, according to an IEDA news release.
Hiawatha
In Hiawatha, the IEDA board awarded CCB Packaging, 1905 N. Center Point Road, $343,497 in tax credits.
The company, which provides packaging services for food and pharmaceutical companies, is building a 65,000-square-foot addition and installing an automated production line to modernize and expand its operations.
The $13.3 million project is expected to create nine jobs, including six with a qualifying wage of $30.41 per hour.
Vinton
In Vinton, the IEDA board awarded the Sewer Equipment Co. of America $84,375 in tax credits.
The company, which manufactures sewer cleaning and vacuum equipment for use by cities and contractors, is buying an existing facility in Vinton to bring all of its fabrication operations to Iowa, with components shipped to its Illinois plant for final assembly and testing.
The $3 million capital investment is expected to create 30 jobs, including 22 with a qualifying wage of $24.18.
Other awards
In other awards, the IEDA approved:
- $6.55 million in tax credits to the Arconic Corp. to build a $131 million aluminum casting complex at its Davenport Works facility in Riverdale/Bettendorf. The company produces aluminum products for commercial aircraft, space vehicles, defense systems and automotive markets. The project is expected to create 40 jobs, with a qualifying wage of $28.46 per hour.
- $5.1 million in tax credits to the Pella-based Vermeer Corp. to build a $102.7 million, 300,000-square-foot production facility in Bondurant. The project is expected to create 182 jobs, including 62 with a qualifying wage of $35.11 per hour.
- $660,000 in tax credits to Revolution Concrete Mixers, which is buying an existing facility in Waverly and installing $8 million in equipment for production and assembly operations. The Minnesota-based company manufactures rear-discharge concrete mixers. The $18.2 million project is expected to create 275 jobs, including 25 with a qualifying wage of $28.52 per hour.
CAT grants
The IEDA board also awarded three Community Attraction and Tourism grants:
- $197,000 to Farley, in northeast Iowa, to renovate a building into a library and multipurpose community space. The total project cost is $863,708.
- $1 million to Inwood, in northwest Iowa, to build a recreation facility, meeting space and library. The total project cost is $5,793,116.
- $53,000 to Lohrville, in west-central Iowa, to build a spray pad in a city park. The total project cost is $178,897.
In addition, the IEDA board awarded a $1 million Innovation Acceleration Expansion Fund loan to Gross-Wen Technologies in Slater, in Story County north of Des Moines. The company provides a patented algae biofilm treatment system that removes nitrogen and phosphorous from wastewater.
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