Iowa board approves $7M in incentives for new jobs in Davenport, elsewhere


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Posted Online: Jan. 21, 2013, 12:21 pm
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DES MOINES, Iowa (AP) - State economic development officials offered $7 million in incentives to nine companies promising to create hundreds of jobs.

In Friday's round of project approvals, the Iowa Economic Development Board offered incentives and loans to projects from existing companies that are proposing business expansions, the Des Moines Register reported.

'We are continuing to see existing Iowa companies choose to increase their presence in the state, and that's a good sign we're on the right track with our economic development efforts,' Gov. Terry Branstad said.

St. Paul, Minn.,-based 3M Co. will get $1.3 million in tax credits to modernize its Ames factory which makes sandpaper products. The company plans to add 75 jobs there.

Agriculture giant Monsanto Co. will receive $1.5 million in tax credits to expand its Grinnell and Williamsburg seed corn facilities and to expand research facilities in Iowa. The company is proposing to invest $112 million in Iowa - $90 million of that for research.

Among the other approved incentives, HF Chlor Alkali received a $75,000 loan and nearly $2 million in tax credits to build a proposed $135 million plant in Eddyville to make caustic soda and hydrochloric acid to sell to Cargill. The project would create 18 jobs.

Minnesota-based Zinpro Corp. received $320,000 in loans and $85,000 in tax credits for a $21.1 million plant in Shell Rock that would produce mineral supplements for animal feed. The project would create 39 jobs.

Other companies that won incentives are:

- Cedar Rapids-based RuffaloCODY, which provides direct marketing and fundraising services, landed $425,000 in loans and $570,000 in tax credits to remodel a 60,000-square-foot building on Cedar Rapids' southwest side. The project would create 111 jobs.

- BoDeans Wafer Co., a maker of wafer cones in Le Mars, received $375,000 in tax credits for a proposed $7.5 million expansion that creates 11 jobs.

- Bodine Electric Co., a maker of electric motors in Peosta, received a $175,000 loan for a manufacturing expansion that would create 35 jobs.

- Sadler Power Train, a warehouse distributor of truck parts in Davenport, was approved for $135,450 in tax credits for construction of a $3.3 million facility creating six jobs.

- Hawkeye Mold & Design, a maker of industrial molds in Charles City, $61,825 in tax credits for an expansion creating 15 jobs.














 




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  Today is Saturday, Aug. 30, the 242nd day of 2014. There are 123 days left in the year.

1864 — 150 years ago: A large pair of elk, captured in Iowa, were exhibited in Market Square today.
1889 — 125 years ago: The Rock Island Arsenal dam was being constructed under the supervision of Charles Frances, of Lowell, Mass.
1914 — 100 years ago: Mrs. Frank Mixer, of Rock Island, was the winner of the final preliminary for the women's handicap golf cup at Rock Island arsenal links.
1939 — 75 years ago: Sixteen hundred persons — many from war-fearful Europe — arrived in New York aboard the German liner Bremen. For two days on the trip, passengers were cut off from the world with both incoming and outgoing radio messages banned.
1964 — 50 years ago: Police reported five youths have been involved in the theft of about seven cars in recent weeks. Three of the youths were arrested Saturday afternoon, one was in custody as the result of a previous arrest, and the fifth is expected to be arrested today.
1989 — 25 years ago: The Rock Island/Milan School Board is asking the city to tear down Franklin School and allow the school district to pay back the estimated $100,00 cost during 10 years.






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