The Iowa Economic Development Authority (IEDA) board today (Friday), awarded direct financial assistance and tax benefits to nine companies for job creation and expansion projects. The awards will assist in the creation/retention of 484 jobs and will result in nearly $105 million in new capital investment for the state. The board also took action to support three innovation projects.
The board approved assistance for planned or proposed projects located in Burlington, Cedar Falls, Cedar Rapids, Council Bluffs, Milford, Sioux City, Story City, Swisher, Tipton and West Des Moines. In Council Bluffs, the Echo Group, Incorporated, a holding company that operates 18 electrical product sales subsidiary locations in Iowa, Nebraska, Minnesota and South Dakota, is proposing a $11 million capital investment project to relocate the company’s wholesale division to a 13-acre site in Council Bluffs.
The project would include warehouse space, a large equipment/product storage area and a training center and administrative support services building in a campus setting. The IEDA board awarded the company tax benefits to create and retain 117 jobs. Currently the company employes about 400 people in four states.