Iowa Economic Development Authority recently issued the following announcement.
Today, the Iowa Economic Development Authority (IEDA) Board approved awards for four Iowa companies, which will assist in the creation of 131 jobs and result in $487 million in new capital investment for the state. These projects are located in Fort Dodge, Sioux City, Waterloo and Buena Vista County.
Cargill to modernize Fort Dodge facility
Cargill operates in 70 countries bringing food, agricultural, financial and industrial products to people who need them all over the world. The company plans to modernize equipment at the Fort Dodge facility that will expand value-added corn production for the food ingredient market. They will also implement a job training initiative to increase skills and wages for employees. The $48.3 million capital investment project was awarded tax benefits through the High Quality Jobs (HQJ) program.
Cold-Link Logistics to construct Sioux City operations
Cold-Link Logistics Sioux City, LLC is a full-service third-party logistics provider, offering blast freezing, freezing, cooling and other general food-related storage services. The company plans to construct operations on 40 acres with approximately 185,000 square feet of space for cold storage, office, parking and other related site needs. The project represents a capital investment of nearly $58 million and was awarded tax benefits through the Targeted Jobs Withholding program. It is expected to create 60 jobs, of which 56 are incented at a qualifying wage of $23.06 per hour.
Hydrite Chemical to expand Waterloo facility
Established in 1929, Hydrite Chemical Co. is one of the largest manufacturers and distributors of chemical products in the U.S. The company plans to expand the Waterloo plant, including a 13,500 square foot office, 9,600 square foot maintenance shop and a 10,000 square foot tanker wash and chemical loading facility. They also plan to expand the transportation fleet and warehouse space. The project represents a $21.3 million capital investment and is expected to create 20 jobs at a qualifying wage of $20.01 per hour. The board awarded tax benefits through the HQJ program.
Platinum Crush to develop operations in Buena Vista County
Platinum Crush, LLC plans to develop a soybean crushing facility near Alta in Buena Vista County. The company predicts the facility will crush 38.5 million bushels of soybeans annually when fully operational in 2024. The facility will also produce soy oil that can be used for a variety of applications, including livestock feed, the human food industry and renewable biodiesel. The project is expected to create 51 jobs at a qualifying wage of $22.63 per hour and was awarded tax benefits through the HQJ program. It represents a capital investment of nearly $360 million dollars.
Original source can be found here.
Alerts Sign-up