IEDA approves incentives for Loffredo, General Mills
Friday, January 17, 2014 3:12 PM
The Iowa Economic Development Board approved tax benefits and awards to five companies that are expected to create 91 jobs and result in more than $90 million in new capital investments for the state.
Loffredo Gardens Inc. was awarded a maximum of $401,670 in tax credits to build a new facility at 1845 Colonial Parkway in Norwalk, a project expected to result in a $7 million capital investment and create six jobs. Loffredo will continue to operate its distribution center in Des Moines as its primary facility and move all manufacturing activities to Norwalk. For more information on the Loffredo project, click here.
General Mills Inc. was awarded up to $3.2 million in tax credits and a $200,000 forgivable loan for a proposed project that includes the conversion of warehouse space in its Cedar Rapids facility to food-grade manufacturing space. The $47 million capital investment is expected to create 41 new jobs.
- Owen Industries Inc. was awarded a maximum of $2.04 million in tax benefits and a $50,000 in direct financial assistance to expand operations to a new green-field facility in Carter Lake.
- FEH Associates Inc. was awarded $155,629 in through the Targeted Jobs Withholding Tax Credit program to lease a facility for its operations in Sioux City.
- Hardi North America was awarded up to $93,000 in tax benefits to build an addition to support a new product line at its Davenport manufacturing facility.