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


Share
Posted Online: Jan. 21, 2013, 12:21 pm
Comment on this story | Print this story | Email this story

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.














 



Local events heading








  Today is Wednesday, July 30, the 211th day of 2014. There are 154 days left in the year.
1864 -- 150 years ago: After Sept. 1, every small box of matches will be required to have a 3 cent duty Lincoln stamp on it, and every large box will be one cent for every 100 matches.
1889 -- 125 years ago: Rock Island residents had contributed a total of $1,293 to the American Red Cross for the Johnstown flood relief fund.
1914 -- 100 years ago: Capt. Clark Means, new darkhorse twirler for the ARGUS staff, was in great form in his initial contest as a mound laborer. The result was that THE ARGUS trimmed the Union 6-5.
1939 -- 75 years ago: Hunter and Humprey Moody, young Decatur, Ill, brothers, lack only a few hours of establishing a new world light plane endurance record.
1964 -- 50 years ago: Gates of the 110th annual Mercer County Fair swing open tonight at Aledo for a full week of day and night activity. More that $36,000 will be paid in premiums and race purses.
1989 -- 25 years ago: The baseball field carved out of the cornfield near Dyersville, Iowa, continues to keep dreams alive for hundreds of visitors. Tourists from 26 state and France have visited Dan Lansing's farm to see the baseball diamond seen in the hit movie "Field of Dreams."






(More History)