Several Iowa Business Given State Incentives For Job Creation
The Iowa Economic Development Authority (IEDA) Board has approved awards for several manufacturing companies.
IEDA spokesperson Kanan Kappelman says the First Capitol Baking Company was awarded tax benefits to help in the purchase and remodel of a building in Burlington.
“First Capitol Baking Company is a subsidiary of East Baking company, and it is the single largest supplier to the prison system. And they manufacture obviously, bakery items,” Kappelman says.
The company plans to purchase new equipment and a solar roof as part of the renovation.
“This project represents a $2.5 million capital investment, and it is expected to create 20 new jobs,” she says.
Centro was awarded tax incentives for an expansion in eastern Iowa to expand. The company makes equipment using plastic molds.
“Specifically, equipment that is used in agriculture, construction and the lawn and garden industries,” says Kappelman. “They plan to acquire a building in Cascade, and it will be a new building, and it will also represent their fourth location in Iowa.”
The company has promised to create 24 jobs. An Iowa City agriculture related company also received state benefits. Rantizo is an Iowa City-based ag-tech company that uses drones to deliver ag inputs in-field, precisely where they are needed. The company plans to expand its size with a new location that will provide space for additional testing as well as research and development. It is expected to create six jobs.
A Sioux County company won an award to expand its business.
“Originating as Post Equipment Company the company expanded to create Ironwood 53. It is a manufacturing company that creates auger flighting for agriculture and earth-boring for other vendors,” she says.
The company has seen increased demand and plans to build a new facility adjacent to its current location in Sioux County. The $22 million project was awarded tax benefits — and is expected to create 16 jobs. A West Des Moines company was awarded state benefits to help it expand.
“Innovative Injection Technologies is headquartered in West Des Moines and they manufacture injection molded components for the agricultural, industrial, automotive and recreational markets,” Kappelman says.
The expansion will allow them to increase their capacity to meet the demand. “The project is expected to create 60 jobs, and represents a ten million dollar capital investment,” Kappelman says.
Underground Magnetics in Johnson was awarded state incentives as it plans to construct office and warehouse space in Johnston. The company designs, markets, and sells locators for horizontal directional drilling. The project represents $7.2 million capital investment and is expected to create five jobs.