The agenda for the next meeting of the Board of the Iowa Economic Development Authority includes applications for state assistance for projects in Iowa communities including Cedar Rapids, Urbandale, Spencer, Pella and Le Mars.
The two Cedar Rapids economic development projects on the agenda both involve historic structures that are over a century old.
One is a $10 million investment project by Ralcorp Holdings, a subsidiary of ConAgra Foods, to upgrade and modernize its cereal manufacturing plant in Cedar Rapids.
The historic plant dates back to 1904, and the company is seeking more than $500,000 in state incentives for this project. They expect to be able to retain 130 jobs at the facility as a result of the upgrade and modernization.
The other Cedar Rapids project is a proposed redevelopment plan by the United Fire Group to build a new 10-story office tower adjacent to the historic American Building, also owned by UFG.
The American Building dates back to 1914, and UFG’s redevelopment plans include a renovation of the historic building’s interior. The design for the new adjacent office tower will also ensure that it blends in well with the historic structure of the American Building.
UFG will create 50 new jobs in Cedar Rapids as a result of this project, adding to the 625 employees they already have in the area. The company is seeking $2 million in state assistance, and is also getting Cedar Rapids economic development incentives in the form of a 10-year property tax abatement for the project.
The IEDA will also consider an application for $500,000 in tax incentives through the High Quality Jobs Program (HQJP) for a facility by Ventech Solutions, Inc. in Urbandale, IA. The company recently won a $410 million federal contract from the Centers for Medicare and Medicaid Services for health care data management.
Ventech is leasing space in Urbandale, where it plans to make an investment of nearly $3 million and create hundreds of jobs. The company is seeking $500,000 in HQJP tax credits for the project, along with $100,000 in Urbandale economic development incentives.
Other projects seeking state assistance that are on the IEDA meeting agenda include:
Quality Refrigerated Services – QRS is considering investing more than $4.43 million for an expansion of its operations in Spencer, IA.
Pella Corporation – The company is investing $8.6 million to expand its operations in Pella, IA. The IEDA will consider approving tax incentives and a forgivable loan for this project.
BoDeans Cone Company, LLC – BoDeans is investing $4 million to add a new building to its operations in Le Mars, IA. In addition to the state HQJP tax incentives, the project will also receive a five-year tax abatement from Le Mars.