IEDA approves awards to support the creation & retention of up to 177 jobs

News

January 17th, 2014 by Ric Hanson

The Iowa Economic Development Authority (IEDA) board (Friday) today awarded direct financial assistance and tax benefits to five companies for job creation and expansion projects. The awards will assist in the creation of 91 jobs and the retention of 86 jobs and will result in over $90 million in new capital investment for the state. The board also took action to support the growth of start-ups and small businesses in Iowa. The board approved assistance for planned or proposed projects located in Sioux City, Cedar Rapids, Davenport, Norwalk, Carter Lake, Rose Hill, Coralville and Johnston.

Owen Industries, Inc. in Carter Lake supplies fabricated steel for commercial, industrial and nuclear projects at its Carter Lake facility. The company was awarded $50,000 in direct financial assistance as well as tax benefits for a project to expand operations to a new green-field facility and add several major pieces of processing equipment to meet customer requirements. The $33.6 million capital investment is expected to create 16 new jobs and retain 72 jobs, of which 20 are incented.