BOARD ACTION: Board approves projects from one established and two startup companies in Iowa
For more information contact:
Kanan Kappelman, Iowa Economic Development Authority
IEDA Board approves projects from one established and two startup companies in Iowa
September 18, 2020 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board approved an award for a legacy company in Ankeny, which will assist in the creation of 19 jobs and result in over $9 million in new capital investment for the state, and innovation funding in support of two startups located in Urbandale and Clive. The board also approved an amendment to Des Moines’ Reinvestment District.
Food manufacturer to expand in Ankeny
MCF Operating, LLC, dba Mrs. Clark’s Foods, manufactures liquid food products including mayonnaise, juices, salad dressings and BBQ sauces. The company’s products are distributed to schools, retail stores and food service shelves across the U.S and internationally. To increase capacity and meet growing demand, the company will expand the existing Ankeny facility by approximately 60,000 square feet, update existing equipment to increase product line utilization and output, and relocate office space to make better use of onsite facilities. The board awarded the project tax benefits through the High Quality Jobs program. The $9.25 million capital investment project is expected to create 19 jobs, one of which is incented at a qualifying wage of $25.76 per hour.
Awards made to two startups
An innovative idea to optimize current and future seed treatments to the maximum extent possible led to the founding of Urbandale-based Inflexion Point Technologies (IPT). The Prescriptive On-Planter Seed Treatment system can either be integrated into the manufacture of a new planter or added on as a kit to existing planters. It optimizes seed treatment applications using a software and mechanical system that apply the appropriate level of seed treatment just as the seed exits the seed tube without excessive wastage. IPT was awarded a $25,000 Proof of Commercial Relevance (POCR) loan for intellectual property development and evaluation
Staging occupied homes has become a necessity to keep homes from sitting on the market longer or selling for a lower price. Stagerie in Clive brings real estate agents, homeowners and stagers together in a single portal. Agents and homeowners can easily submit photos of a home online and receive a personalized and professional staging consultation by email within a few days. Stagerie was awarded a $25,000 POCR loan for market analysis, product refinement and market entry activities.
Award recommendations for these funds are made by the Technology Commercialization Committee to the IEDA Board for approval.
Des Moines Reinvestment District amendment approved
The Iowa Reinvestment District Program is designed to assist communities in developing transformative projects that will improve the quality of life, create and enhance unique opportunities and substantially benefit the community, region and state. The program provides for up to $100 million in new state hotel/motel and sales tax revenues to be “reinvested” within approved districts. Districts cannot exceed 25 acres in size and must be in an Urban Renewal Area.
The City of Des Moines was awarded a maximum benefit amount of $36,487,400 under the Iowa Reinvestment District Program for the Iowa Convention and Entertainment Reinvestment District plan in May 2015. The original district plan proposed four projects: the Iowa Events Center Convention Hotel, the 5th & Keo Parking and Streetscaping, the Randolph Hotel, and 420 Court with estimated costs of $179 million. All four projects have been completed.
Today, the IEDA Board approved the City of Des Moines’ request to amend the existing boundaries of their Reinvestment District along with an addition of two projects to the district plan. To keep the total area of the District under the 25-acre maximum, the approved boundary change removes underutilized parcels and adds new parcels with existing buildings that are being redeveloped from office space to new hotels. The new hotels being developed are the Surety Hotel ($40 million renovation and restoration of the existing 12-story Midland Building) and the Financial Center Hotel ($59.3 million project set to convert a portion of the Financial Center Building to a full-service, upscale hotel).
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Download a spreadsheet with today's awards: