A state board has awarded tax incentives to Freund-Vector Corp. to put toward an expansion in Marion.
The Iowa Economic Development Authority Board on Friday approved providing Freund-Vector with $176,310 in tax credits and refunds for a new research-and-development center.
Marion Economic Development Co. will give the company a $330,000 forgivable loan.
Freund-Vector plans to spend more than $10 million on the 17,000-square-foot “technology center.” The company also has to hire at least five new people for jobs that pay at least $24.91 an hour. It has 114 employees currently.
Freund-Vector designs and makes equipment that processes powders, pellets, beads and tablets for pharmaceutical, food, chemical and other industries.
The company announced its expansion plans Tuesday, but said they were contingent upon state incentives and regulatory approval. Construction on the expansion is expected to start later this year and finish in early 2019.
The authority board also awarded $25,000 loans to two Corridor start-ups. They include Iowa City-based ECR Logic, a mobile app company that aggregates fieldwork data, and Cedar Rapids-based MarryMyCity, an online wedding gift registry service.
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