IEDA approves awards to Corridor companies, including ICAD
August 21, 2017 | News & Press Releases[Source: Corridor Business Journal, August 21, 2017] Iowa Economic Development Authority (IEDA) awarded several Corridor companies and organizations with financial support on Friday.
Cedar Rapids-based Highway Equipment Company (HECO) and Marion-based Legacy Manufacturing Co. both received tax credits through the state’s High Quality Jobs Program to support building projects in the area.
HECO is constructing a $3 million facility in Cedar Rapids to allow for the testing of deicer spread patterns year-round. That project is expected to create 14 jobs at a qualifying wage of $24.91 per hour.
Legacy, which manufactures a range of professional-grade service and maintenance equipment for auto, industrial and marine markets, is pursuing a $12 million, 200,000-square-foot expansion of its current facility in Marion. That expansion will create 13 jobs at a qualifying hourly wage of $24.91.
The Iowa City Area Development Group and the New Bohemian Innovation Collaboration (NewBoCo) were awarded a $120,000 grant through the IEDA’s Entrepreneurial Investment Awards program, which aims to help those providing technical and financial assistance to entrepreneurs and startups. The award will be used to expand and enhance the organizations’ Entrepreneurial Mentoring Program and develop the newly created Corridor Angels Network.
The University of Iowa’s MERGE/Protostudios, located in Iowa City’s Pedestrian Mall, also received a $200,000 Strategic Infrastructure Program grant. MERGE is filling “a critical gap in Iowa’s advanced manufacturing infrastructure through the establishment of a biomedical and electronics prototyping hub for medical devices,” according to the IEDA.
Other companies receiving support through the state’s High Quality Jobs Program were Cambrex, of Charles City, a manufacturer of pharmaceutical ingredients; Crystal Distribution Services, of Waterloo, a temperature-controlled warehouse facility; and Farmers Edge, of Grimes, a precision agriculture company. The awards will assist in the creation of 62 jobs and more than $48 million in capital investment, according to the IEDA.