Economic Development Board Approves Awards

Economic Development Board Approves Awards

The Iowa Economic Development Authority (IEDA) board awarded direct financial assistance and tax benefits to three companies for job creation and expansion projects. Today’s awards will assist in the creation of 281 jobs and will result in $39 million in new capital investment for the state.

“Our commitment to create jobs is stronger than ever,”” said Governor Terry Branstad.  “”From Sioux City to Dubuque, these projects demonstrate that we are staying true to our pledge to continue moving Iowa forward toward economic prosperity.”

The incentives awarded today went to companies in the areas of financial services, food processing and advanced manufacturing.

“We appreciate the investments made by these companies. We look forward to working with them as they prosper and create more jobs and benefit from Iowa’s attractive business climate,”” said IEDA director Debi Durham.

Dubuque insurance firm to expand
Kunkel and Associates, Inc. is an insurance consulting firm providing innovative insurance services to commercial accounts and their employees.  The board approved direct financial assistance as well as tax benefits through the High Quality Jobs Program (HQJ) for the company’s proposed building expansion. The project has a capital investment of $2.4 million and will create 18 jobs, of which 16 are incented at a qualifying wage of $20.06 per hour.

Mrs. Clark’s Foods receives award
MCF Operating, LLC, (d/b/a Mrs. Clark’s Foods) manufactures fruit and vegetable juices, salad dressings and other sauces.   The company is proposing an expansion of its plant in Ankeny. The proposed $7.3 million project includes the construction of a 69,000 sq. ft. facility for warehousing and refrigeration. The board awarded the company tax benefits through HQJ to create 13 new jobs, of which two are incented at a qualifying wage of $25.52 per hour.

Sioux City’s TrinityRail to establish new operating facility
Trinity Industries, Inc. provides industrial products and services ranging from railcars, inland barges, storage containers, and aggregates to highway products, structural wind towers, railcar parts and railcar leasing and management services. The company plans to establish a new operating facility in Sioux City to provide railcar maintenance, railcar re-manufacturing and railcar services. The board awarded the company tax benefits through the Targeted Jobs Withholding Tax Credit program to create 250 new jobs, of which 160 are incented at a qualifying wage of $16.63 per hour. The project represents a $29.5 million capital investment.

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