The Iowa Economic Development Authority (IEDA) Board approved project awards for four Iowa companies, which will assist in the creation of 75 jobs and result in over $84 million in new capital investment for the state. These projects are located in Farley, Shenandoah, Templeton and Lee County. The board also provided final approval on two reinvestment district plans for Fort Dodge and Urbandale/Des Moines.
Behnke Enterprises to expand Farley facility
Behnke Enterprises is a family-owned trailer manufacturer for the agricultural, construction, commercial and utility/telecom industries in Farley. The company plans to expand their manufacturing and warehouse space by an additional 18,750 square feet to accommodate their laser cutting technologies. The project represents a $4.3 million capital investment and is expected to create 34 jobs, of which 19 are incented at a qualifying wage of $21.13 per hour. The board awarded tax benefits through the High Quality Jobs (HQJ) program.
Green Plains constructs new technology plant in Shenandoah
A subsidiary of Iowa’s Green Plains, Inc., Green Plains Shenandoah, LLC is expanding its focus on value-add agricultural technology, and will create diverse, non-cyclical, high margin feed ingredients, specialty alcohols and renewable feedstocks for the renewable diesel industry. The company plans to construct its Clean Sugar Technology plant adjacent to its biorefinery in Shenandoah, which will produce low carbon dextrose. The board awarded this $50 million capital investment project a $250,000 forgivable loan and tax benefits through the HQJ program. It is expected to create 12 jobs incented at a qualifying wage of $21.78 per hour.
PVpallet to establish headquarters in Lee County
With full-scale manufacturing coming in 2022, PVpallet, Inc. designed a reusable, recyclable and collapsible shipping solution made from recycled HDPE plastic that can be remanufactured into future pallets, replacing wood pallets. The company plans to grow its operations and establish headquarters in Lee County. The project represents a capital investment of $16.2 million and is expected to create 26 jobs at a qualifying wage of $17.84 per hour. The board awarded a $175,000 forgivable loan, a $175,000 conventional loan and tax benefits through the HQJ program.
Templeton Rye Spirits to expand Templeton warehouse
Templeton Rye Spirits, LLC produces Templeton Rye whiskey. The company plans to expand its warehouse facilities in Templeton for long-term barreling. The project is expected to create three jobs, of which two are incented at a qualifying wage of $22.63 per hour. It was awarded tax benefits through the HQJ program and represents a capital investment of $13.6 million.
Fort Dodge and Merle Hay reinvestment district plans receive final approval
The Iowa Reinvestment District Program is designed to assist communities in developing transformative projects that improve the quality of life, create and enhance unique opportunities, and substantially benefit the community, region and state. The program provides for up to $100 million in new state hotel/motel and sales tax revenues to be “reinvested” within approved districts that cannot exceed 75 acres in size and must be in an Urban Renewal Area.
On June 25, 2021, the board approved provisional funding for six reinvestment district applications. Final application materials fully meeting all the program’s requirements were due prior to February 25, 2022. The cities of Fort Dodge and Urbandale/Des Moines (Joint 28E Board) submitted a pre-application during the 2021 annual filing window. Since that time, project representatives worked with IEDA staff to complete the final application for board review. Final application materials were received by the deadline, and today they received approval conditions subsequent on additional documentation.
The board approved the maximum benefit amount of $17 million for the Corridor Plaza Reinvestment District submitted by the City of Fort Dodge. The project involves four different phases, including mall redevelopment, additional retail spaces, indoor/outdoor event venues, lodging and overall infrastructure improvements. The plan proposes a capital investment of $90 million.
The board also approved the maximum benefit amount of $26.5 million for the Merle Hay Reinvestment District submitted by the Merle Hay Reinvestment District Joint 28E Board formed between the cities of Urbandale and Des Moines. The project repurposes a 74.6-acre lot into a mixed-use sporting, entertainment and shopping district, which will include a 3,500-seat arena, a hotel, mall improvements, a new retail development and public infrastructure renovations. The plan proposes a capital investment of $138.5 million.
Download a spreadsheet with today’s awards: iowaeda.com/UserDocs/april22awards.pdf
For more information contact:
Ms. Kanan Kappelman