The IEDA Board approved support for two companies, creating 223 jobs and $20 million in investment. The projects are in Rock Valley and West Des Moines, along with grants for recreation projects in four communities, enhancing local facilities and attractions.
On December 20, 2024, the Iowa Economic Development Authority (IEDA) Board convened and approved assistance for two companies, contributing to the creation of 223 jobs and a substantial capital investment of $20 million in Iowa. The approved projects are based in Rock Valley and West Des Moines. Additionally, the board granted Community Attraction and Tourism (CAT) grants to four communities including Cedar Rapids, Grundy County, Maquoketa, and Pella.
Kooima Company LLC, focusing on advanced manufacturing techniques such as tube laser cutting and robotic forming, is set to expand its operations in Rock Valley. The company intends to lease an expansive 82,500-square-foot facility and to install state-of-the-art automated systems. The IEDA Board awarded tax benefits worth $11.6 million as part of its High Quality Jobs (HQJ) program, anticipating the creation of 11 new jobs with average wages of $25.97 per hour.
Furthermore, HMA Group Holdings, LLC, a notable independent insurance brokerage, plans to lease and develop additional space in West Des Moines. This project signifies a capital investment of $8.4 million and is expected to generate 212 jobs with a qualifying wage of $36.80 per hour. The firm received corresponding tax benefits through the HQJ program to support their expansion.
The IEDA Board also awarded Community Attraction and Tourism grants to enhance community facilities. The National Czech and Slovak Museum & Library in Cedar Rapids received $42,500 to refurbish the Orloj Clocktower, with total costs reaching approximately $685,000. The Grundy County Conservation Board was granted $214,000 to complete a trail paving project, amounting to nearly $1.1 million in total costs.
Additionally, a project led by the City of Maquoketa and Jackson County to improve the Prairie Recreation Area was awarded $400,000 for extensive enhancements, with an overall cost nearing $2 million. Lastly, the City of Pella received $500,000 for constructing a state-of-the-art Recreation Center, projected to cost around $33 million, designed to accommodate sports enthusiasts annually, enhancing overall community engagement and activity.
This announcement from the Iowa Economic Development Authority (IEDA) outlines significant investments aimed at job creation and community enhancement across various Iowa locations. The focus on both corporate expansion and community development illustrates a comprehensive approach to bolstering the state’s economy and improving local infrastructure and recreational offerings. The funded projects not only prioritize economic growth but also aim to enrich the quality of life for residents through improved facilities and job opportunities.
In summary, the IEDA Board’s recent approvals reflect a commitment to economic development through job creation and revitalization of community facilities. The investments in both corporations and communities signify a strategic initiative to enhance Iowa’s economic landscape, ensuring sustainable growth and improved quality of life for its residents. The initiatives funded reflect a holistic approach to development that caters to immediate economic needs while considering long-term community benefits.
Original Source: www.iowaeda.com
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