BOARD ACTION: Board Approves Projects From Five Established Companies, One Startup
For more information contact:
Kanan Kappelman, Iowa Economic Development Authority
IEDA Board approves projects from five established companies, one startup in Iowa
November 22, 2019 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board approved awards for five legacy companies, which will assist in the creation of 89 jobs and result in more than $82 million in new capital investment for the state. These projects are located in Cedar Rapids, Waterloo and West Des Moines. The board also approved innovation funding in support of a startup located in Iowa City.
Manufacturer plans production expansion in Cedar Rapids
Bio Springer North America Corporation designs, manufacturers and markets solutions for the baking, food taste and pleasure, health care and biotechnology industries. The project, which will expand production capabilities of its yeast operations in Cedar Rapids, is expected to generate $29 million in new capital investment and create five jobs at a qualifying wage of $22.27 per hour. The board awarded the company tax benefits through the High Quality Jobs program (HQJ).
Cedar Rapids company expands warehousing capabilities
Founded in 1977, Worley Warehousing, Inc., is a third-party logistics company based in Cedar Rapids. The company specializes in food-grade warehousing and value-added services by providing distribution to key markets, cost-efficient transportation modes and a highly skilled workforce. The company plans to lease a build-to-suit 250,000-square-foot warehousing facility with the potential to add another 100,000 square feet. The board awarded the project, which will result in $3.7 million in new capital investment for the state, tax benefits through HQJ. Worley Warehousing, Inc. is expected to create 18 jobs, of which three are incented at a qualifying wage of $22.27 per hour.
Waterloo company acquires additional workspace
In 2014, LSBX, a subsidiary of Lincoln Savings Bank, launched its fintech initiative, which merges traditional payment systems with new and emerging technologies. The project includes acquisition and renovation of two floors in the Techworks 1 Building in Waterloo plus significant infrastructure improvements to the building. The board awarded tax benefits to the company through HQJ. The project is expected to generate $12.5 million in capital investment and create 49 jobs, 40 of which are incented at a qualifying wage of $18.49 per hour.
Warren Transport to construct new corporate headquarters, vehicle maintenance facility
Warren Transport, Inc., an over-the-road trucking operation that ships products across North America, has outgrown its existing facilities in Waterloo. The proposed project includes the construction of a new corporate headquarters and a vehicle maintenance facility. Warren Transport’s subsidiaries, Warren Specialized Logistics, Inc. and Iowa Loading Services, also will be located within the new facility. The board awarded this project, which will result in $8.6 million of capital investment, tax benefits through HQJ. Warren Transport, Inc. is expected to create four jobs incented at a qualifying wage of $18.49 per hour.
West Des Moines company to construct new facilities
Wright Service Corporation (WSC) provides integrated vegetation management solutions, residential/commercial landscaping and commercial environmental products. Headquartered in West Des Moines, WSC has operations throughout the United States and Canada. To accommodate current and future growth plans, WSC has purchased approximately 28 acres of land in West Des Moines. The company will construct an 80,000-square-foot office building to house its headquarters operations. The board awarded WSC tax benefits through HQJ. The project represents $23 million in capital investment and creates 13 jobs, of which three are incented at a qualifying wage of $31.13 per hour.
Award made to Iowa City startup
INSEER Inc., founded in June 2018 in Iowa City, develops software to prevent, predict and mitigate workplace injuries using the power of ergonomics, computer vision and deep machine learning. The company was awarded a $100,000 loan from the Demonstration Fund for IP development and evaluation, product refinement, key personnel and equipment. Award recommendations for this fund are made by the Technology Commercialization Committee to the IEDA Board for approval.
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