The Iowa Economic Development Authority (IEDA) board announced incentives for five companies to aid in their expansion and jobs creation plans.
The incentives awarded will help these companies create 928 new jobs and retain 177 existing jobs, along with $43 million in new capital investments on projects in Iowa.
By far the biggest project of the lot is the expansion project of Ames, IA-based software company WebFilings, which is creating 700 new jobs over the next five years and constructing a new 60,000-square-foot building in the Iowa State University Research Park to house the expanded workforce.
WebFilings will spend $15.5 million on the construction, which is part of the $73 million expansion plan. In return, the IEDA has approved $5 million in state incentives, including a $2.5 million interest-free loan and another $2.5 million as a forgivable loan.
The City of Ames has additionally approved local incentives in the form of a 10-year property tax abatement for the Webfilings project.
Another company undertaking an expansion is Lewis Machine & Tool Co., a GSA-approved federal contractor which is making a $3.6 million capital investment for an expansion of their facility in the Southwest Davenport Industrial Park. The project will create 163 new jobs. The company is getting $500,000 in incentives for making the investment, and for 55 incented jobs.
Ankeny, IA-based Lauridsen Group, Inc. and its various subsidiaries that manufacture protein products at more than 40 facilities is adding office space connected to its existing corporate office. LGI is getting $320,000 in incentives for investing $4.1 million and creating 40 new jobs.
Sheet metal fabrication maker TriState Quality Metals, which serves customers in eastern Iowa and parts of Illinois and Wisconsin, is relocating and expanding in Dubuque. The company is getting tax benefits as an incentive for investing $3.7 million and creating 10 new jobs, although only job is incented.
Sioux City, IA-based Bomgaars, a family-owned company which operates a chain of stores providing supplies to customers in six states, is undertaking an expansion of its distribution center and corporate office.
The project is expected to create 15 new jobs and help retain 177 jobs, out of which 49 are incented. Bomgaars and the project‚Äôs developer Confluent Enterprises are getting incentives under Iowa‚Äôs Targeted Jobs Withholding Tax Credit (TJWTC) and Enterprise Zone programs.