BOARD ACTION: Board Approves Projects From Three Established Companies
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Iowa Economic Development Authority
IEDA Board approves projects from three established companies in Iowa
October 18, 2019 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board approved awards for three legacy companies in Cedar Rapids, Adel and Harrison County, which will assist in the creation of 32 jobs and result in more than $12.2 million in new capital investment for the state.
CellSite Solutions to expand footprint in Cedar Rapids
Founded in 2010, CellSite Solutions, LLC provides the telecom industry nationwide with a turnkey solution for installation, decommissioning and logistical needs. This project includes land acquisition and construction of a 60,000-square-foot facility for office space, equipment warehousing and maintenance. The board awarded CellSite tax benefits through the High Quality Jobs program (HQJ). The project is expected to generate more than $6.3 million in new capital investment for the community and create 14 jobs, 11 of which are incented at a qualifying wage of $22.27.
Manufacturer plans modernization at Adel facility
Based in Adel since 1979, Iowa Spring Manufacturing & Sales Company manufactures round wire, coiled steel springs for agricultural, garage door, material handling and railcar purposes. This project includes a 12,000-square-foot addition that will enable the company to modernize its Garage Door Torsion production process from the current batch system to an in-line system. The board awarded the project, which will result in $3.1 million in new capital investment for the state, tax benefits through HQJ.
Custom metal fabrication shop to locate in Harrison County
Midwest Mechanical Industrial Holdings, LLC was established in Logan in 2009 as a family owned business. The rural Harrison county business offers a wide array of agricultural construction and maintenance services. Midwest Mechanical plans to open a custom metal fabrication shop, which will provide plasma cutting, coiling, forming and welding services for customers. The board awarded the company tax benefits through HQJ for committing to invest more than $2.7 million in new capital and create 18 jobs, all of which are incented at a qualifying wage of $21 per hour.
Nineteen Brownfield and Grayfield sites awarded funding through Redevelopment Tax Credit program
The Redevelopment Tax Credit Program provides financial assistance for the acquisition and remediation of eligible Brownfield and Grayfield sites, such as those that are abandoned, outdated or an environmental risk. Out of the 31 applications received, 19 awards were recommended to, and approved by, the IEDA Board today. These projects can help revitalize the towns where they are located by inspiring further development, generating revenue and attracting new visitors and residents.
An Advisory Council comprised of representatives from IEDA, the Iowa Department of Natural Resources, Iowa League of Cities, Professional Developers of Iowa and the IEDA Board reviews the applications. Tax credits are available for up to 24 percent of a qualifying investment in a Brownfield or up to 30 percent if the project meets the requirements of a green development, or 12 percent of a qualifying investment in a Grayfield or up to 15 percent if the project meets the requirements of a green development. The tax credit allocation for FY 2020 is capped at $10 million, with a maximum of $1 million per project.
Find the complete list of awarded Brownfield and Grayfield projects here.
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Download a spreadsheet with today's awards: