TrueNorth gets tax breaks for expansion

CEDAR RAPIDS - The Iowa Economic Development Board on Friday awarded state tax incentives for a $2,5 million expansion project at TrueNorth Companies in downtown Cedar Rapids.

The incentives from Iowa's High Quality Jobs Program will total $138,476.

TrueNorth, an insurance and financial strategies provider, plans to build out 17,000 square feet of enclosed but unfinished space on the second floor of its corporate headquarters at 500 First St. SE. The additional office space will enable the company to create an additional 57 jobs over the next three years.

TrueNorth purchased a building that formerly housed the Cedar Rapids Public Library before the June 2008. The company completely renovated the structure, creating offices on the second floor and enclosed parking for 90 staff vehicles on the first floor.

'We could convert that parking area into offices if we get flood protection,” said Duane Smith, TrueNorth president and CEO. 'We would move our parking into the ramp.”

Smith expects the latest remodeling project to begin in November and be completed by April 2016. Smith said the company needs the additional space; it employs 257 including 173 at its headquarters.

TrueNorth, which serves businesses and individual clients, has locations in Cedar Falls, Des Moines, and the Quad Cities. The company also has sales offices in Colorado, Illinois, Kansas, Michigan, Tennessee and Texas.

Smith said TrueNorth has grown its annual sales from $260 million in 2001 to $550 million in 2015. He said the company has a goal of $1 billion in 2020.