Business

Iowa Economic Development Authority awards Iowa Fluid Power, two Corridor start-ups

Cedar Rapids-based Iowa Fluid Power was awarded $2.7 million capital investment tax benefits through the IEDA’s High Quality Jobs program. (Courtesy Iowa Fluid Power)
Cedar Rapids-based Iowa Fluid Power was awarded $2.7 million capital investment tax benefits through the IEDA’s High Quality Jobs program. (Courtesy Iowa Fluid Power)

Three Corridor businesses received tax-benefit support from the Iowa Economic Development Authority board on Friday.

Fluid-power products distributor Iowa Fluid Power was awarded capital investment tax benefits through the IEDA’s High Quality Jobs program.

The company plans to expand its Blairs Ferry Road NE facility by 45,000 square feet. The project is expected to create 12 jobs, eight of which are incented at a qualifying wage of $21.61 per hour, according to an IEDA news release.

Iowa Fluid Power also was awarded $43,500 in research activities credits.

On Tuesday, it received a 10-year tax break from the city of Cedar Rapids, for an annual exemption that would be 44 percent on the increased property value.

The project, in connection with sibling companies Electro-Hydraulic Automation and Blairs Buildings, is valued at $5.7 million.

Expansion of the 1610 Blairs Ferry Rd. NE site is set to start next month, with completion expected in August.

Mobile M2M, a Cedar Rapids-based technology company, received a $25,000 Proof of Commercial Relevance loan from the IEDA.

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The start-up created a product called Off Hours that enables users to limit the unwanted collection of personal data from smart home and connected devices.

The tech company said it will use the funds for product refinement and marketing.

The authority also presented FarrPro Inc. in Iowa City with a $100,000 Demonstration Fund loan to hire key personnel, purchase equipment and for marketing.

The company, also a start-up, developed a farrowing product called the Haven — a semi-enclosed brood heater that generates a microenvironment to better serve piglets and hog operators.

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