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Five Iowa companies get state incentives, promise nearly 90-new jobs

DES MOINES, Iowa- The Iowa Economic Development Authority Board has approved funding and/or tax incentives for five companies in West Des Moines, Cedar Rapids, and Waterloo, that have plans to create 89-jobs. The board has also approved funding for a startup in Iowa City.

Wright Service Corporation of West Des Moines is expanding, adding 13-jobs.

Worley Manufacturing in Cedar Rapids is expanding, adding 18-jobs.

Bio Springer North America in Cedar Rapids is expanding creating five jobs.

L-S-B Financial, a subsidiary of Lincoln Savings Bank in Waterloo is adding 49 jobs.

Warren Transport in Waterloo is adding four jobs.

The board has also awarded a 100-thousand dollar demonstration fund to support INSEER Inc, a software firm in Iowa City.

Additional details below from IEDA:

The Iowa Economic Development Authority (IEDA) Board says the awards will assist in the creation of jobs and and result in more than $82 million in new capital investment for the state.

Wright Service Corporation (WSC) provides integrated vegetation management solutions, residential/commercial landscaping and commercial environmental products. Headquartered in West Des Moines, WSC has operations throughout the United States and Canada. WSC has purchased approximately 28 acres of land in West Des Moines. The company will construct an 80,000-square-foot office building to house its headquarters operations. The board awarded WSC tax benefits through HQJ. The project represents $23 million in capital investment and creates 13 jobs, of which three are incented at a qualifying wage of $31.13 per hour.

Bio Springer North America Corporation designs, manufacturers and markets solutions for the baking, food taste and pleasure, health care and biotechnology industries. The project, which will expand production capabilities of its yeast operations in Cedar Rapids, is expected to generate $29 million in new capital investment and create five jobs at a qualifying wage of $22.27 per hour. The board awarded the company tax benefits through the High Quality Jobs program (HQJ).

Worley Warehousing, Inc., is a third-party logistics company in Cedar Rapids. The company specializes in food-grade warehousing and value-added services by providing distribution to key markets, cost-efficient transportation modes and a highly skilled workforce. The company plans to lease a build-to-suit 250,000-square-foot warehousing facility with the potential to add another 100,000 square feet. The board awarded the project, which will result in $3.7 million in new capital investment for the state, tax benefits through HQJ. Worley Warehousing, Inc. is expected to create 18 jobs, of which three are incented at a qualifying wage of $22.27 per hour.

In 2014, LSB Financial, a subsidiary of Lincoln Savings Bank, launched its fintech initiative, which merges traditional payment systems with new and emerging technologies. The project includes acquisition and renovation of two floors in the Techworks 1 Building in Waterloo plus significant infrastructure improvements to the building. The board awarded tax benefits to the company through HQJ. The project is expected to generate $12.5 million in capital investment and create 49 jobs, 40 of which are incented at a qualifying wage of $18.49 per hour.

Warren Transport, Inc., a Waterloo trucking operation plans to build a new corporate headquarters and a vehicle maintenance facility. Warren Transport’s subsidiaries, Warren Specialized Logistics, Inc. and Iowa Loading Services, also will be located within the new facility. The board awarded this project, which will result in $8.6 million of capital investment, tax benefits through HQJ. Warren Transport, Inc. is expected to create four jobs incented at a qualifying wage of $18.49 per hour.

INSEER Inc., founded in June 2018 in Iowa City, develops software to prevent, predict and mitigate workplace injuries using the power of ergonomics, computer vision and deep machine learning. The company was awarded a $100,000 loan from the Demonstration Fund for IP development and evaluation, product refinement, key personnel and equipment. Award recommendations for this fund are made by the Technology Commercialization Committee to the IEDA Board for approval. 

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