Iowa

Cognizant Project in Des Moines, Iowa With Over 1000 Jobs to Revitalize Gray’s Landing Development

The Iowa Economic Development Authority board has awarded direct financial assistance and tax benefits to eight projects expected to result in the creation of 1,275 jobs, retention of 53 jobs and over $43 million in new capital investment for the state.

Cognizant

Cognizant (photo – Biswarup Ganguly/wikimedia)

The largest one by far is a Des Moines economic development project by Fortune 500 company Cognizant Technology Solutions. The company is proposing a two-phase project in Des Moines that includes the expansion of their Business Process Services delivery center. Cognizant expects to make a capital investment of $9 million and create more than 1,000 jobs over the next five years.

The IEDA board awarded the company direct financial assistance of $812,000 as well as tax benefits via the High Quality Jobs Program (HQJP) for creating at least 1,014 jobs, of which 116 are incented at a qualifying wage of $26.72 per hour. The City of Des Moines is expected to provide matching local incentives for the project.

Cognizant will be establishing their new facility in two buildings in the Gray’s Landing development. The 160-acre Gray’s Landing area is located directly south of the Central Business District, and is bounded by Martin Luther King, Jr. Parkway to the north.

The Gray’s Landing redevelopment project was initiated to replace a former heavy industrial Brownfield site with a mixed-use urban village and bring new value to the downtown area, but the office part of the project has been languishing without any major projects.

As the first major employer in the development, the Cognizant Technology Solutions project that will occupy two buildings and bring over 1,000 new jobs to the area is expected to kick off the long-awaited revitalization and bring more projects to Gray’s Landing and the area connecting it to downtown Des Moines. Gray’s Landing developer Sherman Associates is expected to build and lease the space to Cognizant.

Apart from the Cognizant project, other companies that received approval of state assistance from the IEDA Board are as follows:

Rite-Hite – The company is proposing an $8.9 million investment to expand the existing Rite-Hite Dubuque facility, consolidating its Dubuque area businesses within one facility. The board awarded Rite-Hite direct financial assistance in the amount of $44,000 and tax credits via HQJP to create 24 new jobs, of which 11 are incented.

Dexter Laundry, Inc. – The company is proposing a $6 million modernization of its existing facility in Fairfield, IA and has been awarded tax credits via the HQJP.

MetaCommunications, Inc. – The company’s proposed project would expand operations in Iowa City with a $1.6 million capital investment. The project would create 105 new jobs and retain 53, with 97 of the new jobs and 44 of the retained jobs incented at a qualifying wage of $23.24 per hour. The IEDA board awarded the company $775,000 in direct financial assistance.

Rosenboom Machine and Tool Inc. – Rosenboom is proposing a capital investment of $16.1 million for an expansion of its Sheldon, IA operations. The project is expected to create 54 jobs, of which 17 are incented at a qualifying wage of $19.44 per hour. The IEDA board awarded the company tax benefits via the HQJP.

Scientific Games Corporation – The company’s proposed project for which it was awarded tax benefits via the HQJP would include an expansion and upgrade of existing space in Des Moines and Cedar Falls. The Des Moines-based expansion has a capital investment of $300,000 and is expected to create 20 jobs, of which 17 are incented at a qualifying wage of $26.72 per hour. The $400,000 capital investment expansion in Cedar Falls is expected to create 31 jobs, of which 21 are incented at a qualifying wage of $16.79 per hour.

Ziegler Industries, Inc. – The company is proposing to relocate its operations from Illinois to Keokuk, IA, and is making a capital investment of $840,000 for building acquisition, site preparation and building remodeling. The project is expected to create 27 jobs, of which 19 are incented at the qualifying wage of $18.91 per hour. The IEDA board awarded this project tax benefits via the Targeted Jobs Withholding Tax Credit program.

MidAmerican Energy Announces $3.6B Wind Energy Investment Project in Iowa

MidAmerican is today filing a request with the Iowa Utilities Board to build Wind XI, a project that will add up to 2,000 megawatts of wind generation in Iowa.

MidAmerican Energy

MidAmerican Energy (photo – midamericanenergy.com)

This is a record-breaking investment on many fronts. It is the largest wind project MidAmerican Energy has ever undertaken, beating its own previously announced $1.9 billion wind energy investment project in Iowa. This $3.6 billion project is also the largest economic development investment in the state’s history.

The large investment is a bold step the company is taking towards realizing its vision of 100 percent renewable energy for customers in the state. Once this project is complete, MidAmerican will generate wind energy equal to 85 percent of its annual customer sales in Iowa.

Bill Fehrman, CEO and president of MidAmerican Energy, said in a statement announcing the investment that “We don’t know of another U.S. energy provider that has staked out this 100 percent position. Our customers want more renewable energy, and we couldn’t agree more.”

Fehrman made the announcement at a joint event with Gov. Terry Branstad and Debi Durham, director of the Iowa Economic Development Authority.

Gov. Branstad noted that “This project puts Iowa on track to be the first state in the nation to generate more than 40 percent of its energy needs from wind power – far ahead of any other state. Today, Iowa is the only state to have crossed the 30 percent mark.”

Director Durham likewise added that wind power already supports as many as 7,000 jobs in Iowa. “Investments of this scale are viable because federal production tax credits are at their highest level. It makes sense to leverage that benefit to solidify Iowa’s leadership in wind energy,” said Durham.

The economic benefits that Wind XI will generate include approximately $12.5 million per year in property tax payments, $18 million per year in landowner payments, and $48 million per year in state and local expenditures associated with the project.

Also, Lt. Gov. Kim Reynolds, who is currently on an overseas Republican Lt. Governors Association economic development delegation, pointed out the site selection benefits this project will bring. “Companies that we recruit from all over the world cite our reliable cost of renewable energy as one of the top reasons for locating in Iowa.  This project will go a long way in attracting more high-paying quality jobs to Iowa,” said Lt. Gov. Reynolds.

What’s even more notable is that the company is taking such a big leap without asking for an increase in customer rates or seeking financial assistance from the state to pay for it.

The Iowa Utilities Board needs to approve its rate-making principles by September, so that MidAmerican can take full advantage of the extended federal PTC available for the construction of new wind projects. The large size and investment in the Wind XI project has been timed perfectly to allow MidAmerican Energy to squeeze in future projects into this single large project that will be eligible to avail of the federal tax credit, so that the company and its Iowa customers won’t have to pay more for building the same wind turbines in the future.

Iowa Considers Economic Development Assistance For Vspec, Prestage and Other Food Projects

At its next meeting on Tuesday, the Board of the Iowa Economic Development Authority will consider approving financial assistance awards for one project each in LeMars, Mason City, Charles City, and Cedar Rapids.

Cedar Rapids, Iowa

Cedar Rapids, Iowa (photo – Boston Public Library)

The latter is an expansion by Vspec, LLC. The vehicles claim specialist is expanding and renovating an old building to create more office space at its existing location in the IGD Industries headquarters campus in Cedar Rapids.

This Cedar Rapids economic development project, expected to create 30 new jobs, had earlier this month received approval for local incentives from the City Council, which also approved support for the company’s application to the IEDA for state incentives. Vspec’s expansion and applications for state and local assistance were facilitated by the Cedar Rapids Metro Economic Alliance.

Vspec was founded in a body shop in Rochester, NY and has since expanded into a network of collision centers to assist in providing vehicle claim services for all kinds of vehicles. IGD Industries acquired the company, then known as Fleet Priority Services, in 2005. At that time, the company shifted its corporate headquarters to IGD Industries’ headquarters in Cedar Rapids, and then changed its name last year to Vspec (Vehicle Claim Specialists) to better align its name with the business it handles today.

Another major project on the IEDA Board’s agenda is an application for state incentives by Prestage Foods of Iowa, LLC. Prestage is building a new plant for processing up to 10,000 hogs per day in Mason City with an investment of $240 million.

This Prestage Foods plant will employ up to 1,000 people initially, and may add a second shift later to increase employment at the facility to 2,000. The company is seeking up to $11,160,000 in state incentives under the High Quality Jobs Program, in addition to utility and infrastructure improvements and a 50 percent rebate on its property taxes in Mason City for a 10-year period, up to a maximum of $13,950,000.

Two other food industry projects on the IEDA Board’s agenda include an application for state assistance from Nor-Am Cold Storage, Inc. for a project in LeMars, IA and by Simply Essentials, LLC in Charles City, IA. Nor-Am is a full-service public refrigerated warehouse with plants in Iowa, Minnesota, Nebraska and Missouri. The company already has corporate facilities, a warehouse and two packing plants in LeMars, IA. Kansas-based Simply Essentials offers a USDA flaxseed-based process with a verified feeding regimen that naturally lowers the cholesterol and raises the levels of Omega-3 fatty acids in beef, poultry, pork and dairy.

Mason City, Iowa to Consider Incentives for $240M Prestage Foods Facility With 1000 Jobs

Prestage Farms has announced the forming of a new company, Prestage Foods of Iowa, LLC, to build and operate a new fresh pork processing facility in Mason City, IA.

Prestage Foods of IA Mason City Facility

Prestage Foods of IA Mason City Facility (rendering – prestagefarms.com)

Supported by state and Mason City economic development tax incentives, the company plans to make a total capital investment in excess of $240 million to build a state-of-the-art facility that will be over 650,000 square feet.

Prestage expects to employ as many as 1,000 people in a single shift, killing 10,000 hogs per day. Future expansion plans will be able to accommodate a second shift with another 1,000 employees.

Later today, the City Council of Mason City is scheduled to hold a meeting in which it will consider approving a resolution of support for Prestage Foods of Iowa, LLC’s application to the Iowa Economic Development Authority for state incentives under the High Quality Jobs Program (HQJP). The IEDA Board will consider this application at its meeting this Friday.

Prestage Foods of Iowa, LLC is expected to receive a 50 percent rebate on its property taxes in Mason City for a 10-year period, for a total maximum of $13,950,000. The state incentives for the project under HQJP are pegged at $11,160,000. According to the HQJP application, the facility will employ 922 employees at an average wage of $15.51 per hour, and an average wage of $17.04 after three years.

The City will also commit to making water and sewer utility improvements to support the project needs, and will seek financial support from the Iowa DOT RISE grant program for road improvements.

Dr. Ron Prestage, DVM, on behalf of the Prestage family, said in a statement that “We have been impressed with the help and support provided by local and state officials, the Iowa Pork Producers Association, NPPC, and the National Pork Board.”

“Having produced market hogs in IA for the past dozen years, we believe Mason City is the right place for us to strategically build this new plant,” added Dr. Prestage.

IEDA, the City of Mason City and regional economic development group North Iowa Corridor have been working with Prestage Foods of Iowa to ensure that the company locates its facility in Mason City. An initial site visit and tour of the community was conducted in December last year, and discussions continued after the initial visit was deemed favorable for Mason City.

Prestage Farms, Inc. is a family-owned and operated business that already directly employs more than 2,000 people, contracts with more than 450 farm families in seven states, and produces more than 1 billion pounds of meat annually.

Iowa Economic Development Authority Approves Incentives For Projects Creating, Retaining 844 Jobs

At its latest meeting, the Iowa Economic Development Authority board awarded direct financial assistance and tax benefits to six companies for projects that will create a combined total of 169 new jobs, result in the retention of another 675 jobs, and generate over $53 million in new capital investment for Iowa.

DOWDuPont

DOWDuPont (photo -growjohnston.com)

The biggest project of this lot is DuPont Pioneer’s Global Business Center in Johnston, IA. Following the announcement by DuPont and The Dow Chemical Company of the selection of a site in Johnston, IA for one of the two Global Business Centers of the DowDuPont Agriculture Company.

The newly created agriculture company will retain 250 to 500 employees at a qualifying wage of $26.72 at its Johnston location, along with a capital investment of at least $500,000. In order to secure this project, the Iowa Economic Development Authority and the Johnston City Council took swift action to approve financial assistance awards.

The company was awarded direct financial assistance of up to $2 million, and the IEDA board has also approved research activities tax credits for this project via the High Quality Jobs Program (HQJP).

IEDA Director Debi Durham said in a release that the board action on DuPont Pioneer’s Global Business Center in Johnston “not only secures this excellent corporate citizen’s presence in our state, but also retains knowledge workers that support countless jobs downstream.”

For its part, the Johnston City Council has already approved a resolution supporting the IEDA action, and a local match of up to $1,000,000 in property tax rebates over a five-year period for what was then known only as a Johnston economic development project called “Project Oak.” The Polk County Board of Supervisors may also be considering action soon to provide financial assistance for the project.

Apart from DuPont Pioneer, the IEDA Board has also approved state assistance for the following projects:

Businessolver.com – The company is expanding its operations in West Des Moines with a capital investment of $4.4 million. The board awarded the company $100,000 in direct financial assistance, as well as tax benefits through HQJP to help Businesssolver.com create 40 jobs at a qualifying hourly wage of $26.72.

HNI – The second largest manufacturer of office furniture and the largest manufacturer of fireplaces and stoves in the world, HNI is investing $17.8 million for modernizing its facility in Muscatine, IA. The project, which is expected to retain 175 jobs at $17.60 per hour, was awarded HQJP tax benefits.

Jack Henry & Associates, Inc. – This technology solutions and payment processing services provider for the financial services industry, is making a $580,000 capital investment for relocating their Des Moines office to a larger facility, remodeling their offices in Cedar Falls and Des Moines, and purchasing equipment to accommodate growth. This project, which is expected to create 50 jobs at a qualifying wage of $26.72 per hour, was awarded $200,000 in direct financial assistance as well as HQJP tax benefits.

RMA Armament, Inc. – This composite manufacturing company specializing in body armor applications plans to invest $501,000 to relocate to the former National Guard Armory in Centerville, IA and expand manufacturing capabilities. This project, which is expected to create 20 jobs at a qualifying hourly wage of $14.42, was awarded $34,000 in direct financial assistance as well as HQJP tax benefits.

Vogel Paint – This manufacturer of industrial powder and liquid coatings is making a $29.9 million capital investment that includes an 86,000-square-foot expansion of its powder coatings manufacturing facility in Orange City, IA. This project, which is expected to create 49 jobs, was awarded HQJP tax benefits.

Dupont, Dow Agriculture Co. Site Selection – Delaware Gets HQ, Iowa and Indiana Get Global Business Centers

DuPont (NYSE:DD) and The Dow Chemical Company (NYSE:DOW) have announced U.S. site selection decisions for the Agriculture company following the planned separation of DowDuPont into three independent, publicly traded companies – Agriculture, Material Science, and Specialty Products.

Dow headquarters

Dow headquarters (press photo – dow.com)

Agriculture operations across DuPont and Dow totaled roughly $18 billion last year. The corporate headquarters for this merged Agriculture company will be located in Wilmington, DE and will include the office of the CEO and key corporate support functions.

The Specialty Products company will also be headquartered in Wilmington, DE, and the Material Science company will be headquartered in Midland, MI.

The companies also announced the selection of Johnston, IA and Indianapolis, IN as Global Business Centers for the Agriculture company, where they will consolidate leadership of business lines, business support functions, R&D, global supply chain, and sales and marketing capabilities.

Edward D. Breen, chairman and chief executive officer of DuPont, said in a release that “We want to thank the leaders of each state for a highly constructive, cooperative process to achieve the best possible approach that leverages key advantages in each location.”

Andrew N. Liveris, chairman and chief executive officer of Dow, added that “The headquarters location of the Agriculture company being announced as Wilmington, with global business centers in Indiana and Iowa is consistent with the intended headquarters of the Material Science company, to be named Dow, being headquartered in Midland, Michigan, but having global business centers in other U.S. and global locations.”

Delaware Governor Jack Markell said in a release that this announcement is a win for Delaware. “DuPont and Dow made this decision because they recognized that Delaware, with its top quality workforce, access to major cities, and proximity to key global markets, is the ideal location for the headquarters of the globalized, 21st century business that they intend to create,” said Gov. Markell.

Indiana Governor Mike Pence likewise said in a release issued by the Indiana Economic Development Corp (IEDC) that “I’m grateful for the confidence that Dow and DuPont have placed in our people and for the collaboration with city officials that made this exciting announcement possible.”

Indianapolis Mayor Joe Hogsett added that “I am grateful that the merger includes a continued, sustained presence in Indianapolis, and am optimistic about the further growth of DowDuPont in our community.”

State of Indiana and City of Indianapolis officials negotiated with the two companies’ leadership teams over the past several weeks, along with support from Indiana’s congressional delegation.

Tim Hassinger, president and CEO of Dow AgroSciences, noted that “We were impressed by the commitment put forth by the city and state and their focus on maintaining a hub of innovation in Indianapolis… We thank the local, state and federal officials for their efforts in working through this process.”

Iowa Economic Development Authority to Consider State Assistance For Council Bluffs Griffin Pipe Reopening

At its next meeting tomorrow, the Board of the Iowa Economic Development Authority will consider approving state assistance awards for four projects.

IEDA econdev agenda

Photo – iowaeconomicdevelopment.com

One of them is the reopening of the Griffin Pipe plant by Birmingham, AL-based U.S. Pipe and Foundry, LLC, a critical Council Bluffs economic development project that will reverse some of the fallout over the plant’s closing in 2014 and the resultant loss of 250 jobs.

U.S. Pipe acquired the Griffin Pipe and Foundry located in Council Bluffs in 2013, and quickly idled it the following year. Now, after several rounds of negotiations with unions, customers and company leadership, U.S. Pipe has decided to retool the plant and place it back into production.

The company will invest $24.7 million in the project, and expects to create 144 new jobs and retain nine existing jobs. The annual payroll is expected to be $7,120,720 with an average hourly wage for the new jobs created of $24.37 and is expected to increase to $28.96 after 36 months.

U.S. Pipe has applied to the Iowa Economic Development Authority (IEDA) for benefits under the Targeted Jobs Program (TJP). The State has estimated that the company will qualify for roughly $2.25 million in targeted jobs funds, $224,000 in new jobs tax credits and $1,325,000 in job training funds.

The company has made it known that the Council Bluffs location has higher operating expenses than other comparable locations under consideration in Virginia and Alabama, and the receipt of state incentives is critical in their decision to choose Iowa. At a meeting earlier this week, the Council Bluffs City Council adopted a resolution supporting the application by U.S. Pipe and Foundry, LLC.

Another important project on the IEDA Board’s agenda is an application for financial assistance by Electro Management Corp. and Electrical Power Products, Inc. (EP2) under the High Quality Jobs Program (HQJP). EP2 is relocating and expanding its operations in Des Moines, and the project will result in the retention of at least 200 jobs. IEDA staff anticipates that EP2 may be eligible for up to $414,103 in State assistance under HQJP, thereby requiring a local community match of up to $82,821 by the City.

The City Council has already approved an Urban Renewal Development Agreement with EP2 which provides for the payment of a Des Moines Economic Development Grant in an amount that exceeds the required local community match under HQJP.

The third project that will be taken up by the IEDA Board is an application for state assistance by Farmers Energy Cardinal, LLC. The company is planning to establish an ethanol plant in Cass County. The fourth applicant on the IEDA Board meeting agenda is Glycerin Group, LLC’s (dba KemX Global) project in Boone, IA.

Iowa Approves Economic Development Incentives For Four Projects

At its latest meeting, the Iowa Economic Development Authority (IEDA) Board approved state assistance for four projects creating a combined total of 70 new jobs, retention of 13 jobs, and new capital investment of $7.5 million.

Cascade Lumber Co

Cascade Lumber Co (photo – caslbr.com)

One of these four projects is a Cascade economic development project involving an expansion by the Cascade Lumber Company. The company is expanding its operations with an investment of $1.5 million for machinery and equipment.

Cascade Lumber Co. has been approved to receive nearly $80,000 in state tax incentives through the High Quality Jobs Program (HQJP) for its expansion with the creation of two new systems designer positions at a qualifying wage of $19.15 per hour.

The Cascade City Council had previously unanimously approved a resolution recommending the Cascade Lumber Company’s application to the IEDA for HQJP incentives. The approval of state assistance does not require approval of additional Cascade economic development incentives or matching funds.

Cascade Lumber Co. has been operational in Cascade for more than 60 years, having weathered not only the recent housing crash, but also a devastating fire in 1997. The company now employs 200 people across multiple subsidiaries and locations in Iowa.
Apart from the Cascade Lumber project, the IEDA Board also approved state assistance for the following expansions:

Gregory Manufacturing Company – The company, recognized by the glass industry as experts in the design and production of both flat and automotive glass racks, is expanding its operations in Fort Madison, IA with an investment of $1.58 million. This project will help retain 13 jobs at a qualifying wage of $18.91, and has been awarded tax benefits through the Targeted Jobs Withholding Tax Credit (TJWTC) program.

INTL FCStone (NASDAQ:INTL) – This NYC-based Fortune 500 financial services firm is proposing to locate its Iowa regional headquarters in a new facility in West Des Moines, IA to house its financial services and commodities operations. The project will involve a capital investment of $1.4 million. The IEDA Board awarded INTL FCStone $200,000 in direct financial assistance to create 50 jobs at a qualifying wage of $26.72 per hour.

KLM Acquisition, dba Aluma, Ltd. – Aluma, a leading manufacturer of aluminum utility and recreational trailers, is expanding its existing facility in Bancroft, IA with an investment of $3 million. The IEDA Board awarded the company $40,000 in direct financial assistance and tax benefits through the High Quality Jobs (HQJ) program to create 18 jobs, six of which are incented at a qualifying wage of $19.09.

Davenport, Iowa Consider Economic Development Incentives For New Kraft Heinz Facility

At a special meeting later today, the Board of the Iowa Economic Development Authority will consider approving a package of state assistance for a proposed new facility in Davenport, IA by Kraft Heinz.

Davenport, IA Kraft Heinz update

Photo – cityofdavenportiowa.com

In order to facilitate the approval of state assistance, the Davenport City Council yesterday approved a resolution recommending the project to the IEDA and Iowa Dept. of Transportation.

Supported by state and Davenport economic development funding and incentives, Kraft Heinz will invest $203 million to establish the new facility on a 70-acre site in the Eastern Iowa Industrial Center (EIIC) business park, which was designated as one of six certified shovel-ready sites in the state by the IEDA earlier this year.

As part of its North American restructuring strategy, Kraft Heinz is planning to shut down its existing Davenport facility, which employs more than 1,200 people. Oscar Mayer, which was acquired by Kraft Heinz, has run the River Drive plant since 1946, but it is now considered functionally obsolete for the company’s future needs.

Kraft Heinz is planning to retain no more than 475 full-time positions at the proposed new facility in the EIIC business park. City and State officials have been working with the company for several months to ensure that Davenport gets the new facility and retains a minimum of 475 full-time jobs with an average wage of $18.98 per hour.

City of Davenport Community Planning and Economic Development Director Bruce Berger said in a release that they understand and empathize with the employees and their families that will be impacted by the restructuring of the company and the downsizing of the plant.

“Through proactive discussions with Kraft Heinz, the State, and our local partners, we continue to work hard to attract the new plant to Davenport and expect it to play an important role in the company’s future,” added Berger.

At the meeting today, the IEDA Board will consider a package of state incentives totaling $4.75 million, including $1.75 million in tax incentives and a $3 million forgivable loan. The City of Davenport’s inclusion of the new Kraft Heinz facility site in the City’s North Urban Renewal Area will additionally make it eligible for Tax Increment Financing.

The Iowa Department of Transportation will consider a Revitalizing Iowa’s Sound Economy (RISE) grant to cover the cost of more than $5.87 million in needed upgrades at the new site. The RISE grant, if approved, will cover 80 percent of the costs (an estimated grant award of $4,699,874).

Kraft Heinz is also getting $720,000 in training funds through the state-authorized Iowa Industrial New Jobs Training Program. Don Doucette, Chancellor of Eastern Iowa Community Colleges, said in the release that “We are very excited to work with Kraft, the Quad Cities Chamber of Commerce, the Iowa Economic Development Authority and the City of Davenport to bring this new facility to the community.”

General Electric Seeks West Burlington, Iowa Economic Development Incentives

At a meeting later today, the Board of the Iowa Economic Development Authority will consider applications for state assistance from four projects.

GE

GE (photo – Momoneymoproblemz/wikimedia)

One of these applications is a proposed $5 million expansion by General Electric Company at its switchgear plant in West Burlington, IA.

The project is expected to create 114 full time positions with an average wage of $19 per hour, which is higher than the prevailing county average wage of $17.54 per hour.

This expansion follows a $1.3 million investment with 50 new jobs that GE announced last year to add new production lines at the West Burlington plant. In 2010, GE had announced plans to shut down the plant, but then changed its mind after labor negotiations resulted in the plant’s workers accepting wage concessions to keep the plant open.

At that time, state and local leaders helped convince GE by offering a package of incentives that included $2 million in state assistance and $400,000 from the cities of Burlington and West Burlington and Des Moines County.

The heavy investment of millions of dollars in state and local incentives not only averted the plant’s closure, but is now paying off with the company doubling down on its expansion plans and adding hundreds of new jobs with above-average wages.

GE did not seek incentives for the $1.3 million expansion last year, but is now seeking financial assistance from the State through the High Quality Jobs Program (HQJP) for this latest $5 million expansion. Subject to the IEDA approving this application, the City of West Burlington will be providing a 20 percent local match equivalent to $1,500 per job to be created.

The West Burlington economic development incentives will be provided as a five-year forgivable loan. GE would be required to repay the city for any jobs that are not created during the first three years or maintained over the last two years.

Another project on the IEDA board meeting agenda seeking HQJP tax incentives is an expansion by TrueNorth Insurance and Financial Strategies in Cedar Rapids, IA. The company has announced a $2 million expansion at its current headquarters location in downtown Cedar Rapids, along with the creation of 57 new jobs over the next three years.

The other two companies on the IEDA board meeting agenda seeking approval of state assistance are Ajinomoto Heartland, Inc. for a project in Eddyville, IA, and 8040 Holdings, Inc. for a project in Clive, IA.

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