Board Action: Economic Development Board Approves Awards to Support the Creation and Retention of Up to 1105 Jobs
(Targeted News Service Via Acquire Media NewsEdge) DES MOINES, Iowa, Oct. 18 -- The Iowa Economic Development Authority issued the following news release:
The Iowa Economic Development Authority (IEDA) board today awarded direct financial assistance and tax benefits to five companies for job creation and expansion projects. Today's awards will assist in the creation of 928 jobs and the retention of 177 jobs and will result in over $43 million in new capital investment for the state. The board also took action to support the growth of start-ups and small businesses in the state.
"I am pleased the IEDA board took action today to support projects that will bring new jobs to our state," said Governor Branstad. "I am particularly excited to see the Lewis Machine and Tool project come to fruition in Davenport since I hosted the president of the company at the Deer Hunt earlier this year."
"From manufacturing expansions to new jobs in the 'creative class,' today's projects run the gamut," said IEDA Director Debi Durham. "What they all have in common is the creation of good jobs and positive economic impact for Iowa."
The board approved assistance for planned or proposed projects located in Sioux City, Ankeny, Davenport, Dubuque, Ames, Des Moines, Terril and Iowa City.
Bomgaars expands Sioux City operations
Bomgaars is a family-owned Iowa business that serves farm and ranch customers, homeowners and small businesses. The corporate office and distribution center is located in Sioux City and has been since its inception. Through both the Enterprise Zone and Targeted Jobs Withholding Tax Credit (TJWTC) programs, the board awarded benefits to Bomgaars and Confluent Enterprises to expand Bomgaars' current distribution center and corporate office to ultimately expand its network of stores. Confluent Enterprises would build and own the building and Bomgaars would lease the facility. The $17 million capital investment is expected to create 15 jobs and retain 177 jobs, of which 49 are incented.
The Lauridsen Group, Inc. to build new corporate office
The Lauridsen Group, Inc. (LGI) is the holding company of several companies including APC, Inc., Proliant Meat Ingredients and BHJ companies. LGI, Inc. and its subsidiaries operate over 40 facilities primarily engaged in manufacturing edible and non-edible protein products. The company plans to build new office space that connects to the existing corporate office. The board awarded LGI $320,000 in direct financial assistance as well as tax benefits for this $4.1 million capital investment that is set to create 40 jobs.
Lewis Machine & Tool Co. plans expansion in Davenport
Lewis Machine & Tool Co. is a US Government GSA approved contractor. The company designs and manufactures small arms and components that are currently in service with the US forces and many countries around the world. The manufacturer was awarded $550,000 in direct financial assistance as well as tax benefits. The company's $3.6 million capital investment project includes the construction of a facility in the Southwest Davenport Industrial Park and is expected to create 163 jobs, of which 55 are incented.
Sheet metal fabrication manufacturer relocates to Dubuque
TriState Quality Metals (TSQM) is a sheet metal fabrication manufacturer that serves markets in eastern Iowa, northwestern Illinois and southwestern Wisconsin. In response to their rapidly growing operations in Peosta, the company plans to relocate and build a new production facility in Dubuque. The board awarded the company tax benefits for this project, which also includes the development of a new powder coating paint line. The project represents a $3.7 million capital investment and is expected to generate 10 jobs of which one is incented.
Ames software company expects to create 700 jobs
WebFilings is a cloud-based, software-as-a-service (SaaS) company that develops secure applications for complex business reporting. Founded in 2008, WebFilings is based in Ames and Mountain View, California, and has offices in eight additional U.S. cities as well as in Canada, the U.K. and the Netherlands. The company was awarded $5 million in direct financial assistance along with tax benefits for a $15.5 million capital investment that includes new building construction in Ames. The project is expected to create 700 jobs.
Awards made to five start-ups
The Demonstration Fund provides financial and technical assistance to encourage high-technology prototype and concept development activities that have a clear potential to lead to commercially viable products or services within a reasonable period of time.
The fund provides up to $150,000 to encourage commercialization activities by small and medium-sized Iowa companies in the advanced manufacturing, biosciences and information technology industries. The primary purpose of the fund is to help businesses with a high-growth potential reach a position where they are able to attract later-stage, private-sector funding.
The Proof of Commercial Relevance program provides financial assistance to innovative businesses that are pursuing proof of commercial relevance and marketability of a technology. The program is designed to assist businesses with new technologies that have completed the proof of concept stage and are ready to be subjected to the rigors of the proof of commercial relevance stage which includes defining the market for the product and perfecting the product to meet market needs.
Award recommendations for these programs are made by the Technology and Commercialization Committee to the IEDA Board for approval.
Tap Happy, LLC has developed a videogame under the same name and is based on the idea that there are challenges in life that can't be fixed by mastering a skill but that meaning is often found in the journey along the way. The videogame is based on the real-life story of co-founder Ryan and his family raising their son Joel, who has outlived a terminal cancer prognosis for almost three years now. The product fits within the general context of videogames addressing more mature life themes. The board awarded the Des Moines-based company a $50,000 grant via the Demonstration Fund to bring the title to both the mobile (iOS and Android) and PC platform, where they believe most of their revenue will come from.
Mock Medical, LLC is a start-up company, formed in 2013 in Terril, producing educational grade surgical instruments for training surgical students. The product is targeted toward students at educational institutions enrolled in surgical courses. The company was awarded a $75,000 royalty through the Demonstration Fund for marketing and product development.
Des Moines-based Ruster Sports was founded in 2009 by professional triathlete and industrial engineer TJ Tollakson. The company's focus is the design and manufacture of endurance sports consumer products. The company began with the release of a bike travel case that meets the dimensional requirement for standard luggage on all major airlines. This case offers a savings upwards of $400 per round-trip for travelers with bicycles. The company's increasing bike case sales allowed them to branch into additional ventures. Their newest product, the Dimond Bike, is an aerodynamic bicycle that is the first ever bicycle frame manufactured to utilize carbon nanotubes. The company was awarded a $75,000 loan from the Demonstration Fund to conduct performance lab testing.
The Stone Medical Corporation, founded in 2007 and based in Davenport, provides hospitals with the Clean Collect Blood Collection System, a product that controls the multi-billion dollar problem of blood culture contamination. The company was awarded a $75,000 loan via the Demonstration Fund to expand the amount of clinical data from hospitals using Clean Collect through free evaluations set up at 50 to 100 new sites in the US. This project will also help to expand the company's customer base.
Virtual Systems Engineering is an early stage start-up that is working on a technology that reduces testing and manufacturing costs of circuit boards. It has a unique software system and is initially focusing on the defense and power industries. The company is located in Iowa City, and its development team works at the University of Iowa. The company was awarded a $100,000 Proof of Commercial Relevance program grant for a multi-pronged branding effort.
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