Economic Development Board approves awards to support three established and four start-up companies in Iowa
Wednesday, November 07, 2018
(DES MOINES, IA) – The Iowa Economic Development Authority (IEDA) Board awarded direct financial assistance and tax benefits to three companies for job creation and expansion projects. These awards will assist in the creation of 290 jobs and will result in over $182 million in new capital investment for the state. The board also approved innovation funding for four startups.
The board approved assistance for planned or proposed projects located in Ames, Nevada, Story City, Ottumwa and Des Moines.
3M Company receives assistance for Ames renovation project
3M is a diversified technology company that uses science to improve lives and solve problems. The company has a global presence with markets in the following business sectors: industrial, safety and graphics, electronics and energy, health care and consumer. This project includes preparation and utilization of approximately 30,000 square feet of existing available floor space at its Ames facility and the purchase and installation of manufacturing equipment. The board awarded 3M tax benefits for this project from the High Quality Jobs (HQJ) program. This $27.8 million capital investment is expected to create 16 jobs incented at a qualifying wage of $26.11 per hour.