BOARD ACTION: Board Approves Awards to Support Over $87 Million in Capital Investment
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Ms. Kanan Kappelman, Iowa Economic Development Authority
Economic Development Board approves awards to support over $87 million in capital investment in Iowa
January 19, 2018 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) board awarded direct financial assistance and tax benefits to four companies for job creation and expansion projects. These awards will assist in the creation of 186 jobs, retention of 21 jobs and will result in over $87 million in new capital investment for the state. The board also approved innovation funding for four startups.
The board approved assistance for planned or proposed projects located in Knoxville, Ankeny, Marion, Sioux Center, Iowa City, Cedar Rapids, Johnston and Des Moines.
3M receives assistance for Knoxville expansion project
3M Company is a diversified technology company with a global presence in the following businesses: Industrial, Safety and Graphics, Consumer, Electronics and Energy and Health Care. 3M Company employs over 91,000 people around the world, with approximately 35,800 employed in the United States. The company’s Knoxville location is planning to install additional manufacturing capacity to produce and convert tapes and adhesives. The scope includes a building addition, equipment procurement and installation. The board awarded 3M $220,000 in direct financial assistance, as well as tax benefits from the High Quality Jobs program (HQJ) for this project. This $32 million capital investment is expected to create 30 jobs and retain 21 jobs incented at a qualifying wage of $20.76 per hour.
Casey’s set to renovate and expand Ankeny headquarters
Casey’s Retail Company is a wholly owned subsidiary of Casey’s General Stores, Inc. Casey’s operates approximately 1,980 convenience stores in 15 states. The company is planning to renovate its existing corporate headquarters in Ankeny and construct a two-story addition to the corporate campus, as well as additional parking. The board awarded Casey’s tax benefits from HQJ for this $34.7 million capital investment. The project is expected to create 101 jobs, of which 81 are incented at a qualifying wage of $29.12 per hour.
Freund-Vector to construct new technology center in Marion
Freund-Vector Corporation is evaluating the opportunity to construct a new Technology Center that would improve their laboratory capabilities and increase research and development activity. The company designs, manufactures and services a wide range of equipment for the processing of powders, particles, tablets and other solid materials to the pharmaceutical, nutritional, food and other industries. Freund-Vector’s unique in-house laboratory facility specializes in product feasibility, process development and process technology to support the marketing of all Freund-Vector product lines. The board awarded the company tax benefits from HQJ to develop new products/process with latest model equipment and increase visibility in the industry via the new center. This $6.4 million capital investment is expected to create five jobs incented at a qualifying hourly wage of $24.91.
Interstates to establish new campus headquarters in Sioux Center
Interstates, based in Sioux Center since its inception in 1953, has grown into the electrical construction, engineering, instrumentation and factory automation and controls market on a national level. The company is planning to design a campus headquarters location in Sioux Center. This project includes the initial phase of this plan, which includes the construction of two office buildings on a new site to the northeast of the company’s current manufacturing and engineering building. This phase also includes an addition to a current facility which will accommodate the regional office and training facilities. The board awarded the company $375,000 in direct financial assistance, as well as tax benefits for this $14 million capital investment. The project is expected to create 50 jobs incented at a qualifying wage of $19.85 per hour.
Awards made to four startups
The Demonstration Fund provides financial and technical assistance to encourage high-technology prototype and concept development activities that have a clear potential to lead to commercially viable products or services within a reasonable period of time.
The fund provides financial assistance to encourage commercialization activities by small and medium-sized Iowa companies in the advanced manufacturing, biosciences and information technology industries. The primary purpose of the fund is to help businesses with a high-growth potential reach a position where they are able to attract later-stage, private-sector funding.
The Proof of Commercial Relevance (POCR) Fund provides financial assistance to innovative businesses that are pursuing proof of commercial relevance and marketability of a technology. The fund is designed to assist businesses with new technologies that have completed the proof of concept stage and are ready to be subjected to the rigors of the proof of commercial relevance stage that includes defining the market for the product and perfecting the product to meet market needs.
Award recommendations for these funds are made by the Technology Commercialization Committee (TCC) to the IEDA Board for approval.
Iowa City’s ECR Logic LLC is developing a multi-platform, mobile fieldwork data application that aggregates map data for field use to facilitate compliance investigations. This mobile app reduces total amount of time from project start to completion to increase profits, and streamlines fieldwork and compliance reporting to obtain competitive contracts. ECR Logic is adapting and extending core technology already developed for archaeological field research for use in other field sciences.
The company received a $25,000 POCR award for IP development and evaluation, product refinement, market planning and market entry activities and hiring key personnel.
MarryMyCity is a free online wedding gift registry designed to offer local experiences, tying couples back to the city where they live. The Cedar Rapids-based company unites the wedding gift market with local shops and service providers, while also allowing guests to give a personalized gift focused on experiences such as cooking classes or a date night at the theatre. The company received a $25,000 POCR award to develop a new e-commerce platform that allows for scalability across new markets.
Time ReDesigned, located in Johnston, has developed a patent pending solution for school administrators that improves their ability to meet or exceed the rigorous expectations and increasing federal, state, and local accountability, through a process of time allocation and reallocation. The Time ReDesigned solution consists of an IOS native application and an interactive web-based dashboard. The app collects data throughout the school administrator’s day regarding his/her activities, feeds the data to the interactive online dashboard via a series of pre-determined "buckets" to sort data and then builds an action plan for "reallocating" time in ways that will increase student outcomes. The company received a $25,000 POCR award primarily for hiring key personnel and market planning and market entry activities.
WorkHound is a mobile-first engagement platform for frontline workers with an initial focus on the trucking industry. The company’s platform facilitates continuous feedback between workers and their employers. The Des Moines-based company received a $100,000 Demonstration Fund loan primarily for marketing and product refinement.
Download a spreadsheet of today's awards: