New Awards Could Create 188 High-Quality Iowa Jobs
- Release Date: Thursday, January 17, 2008
- Dateline (city): Des Moines, Iowa
- Contact: For more information, contact: Shawn Rolland, 1.515.242.4805
- Attachment:
$38M Investments to Expand Opportunities in Cedar Rapids, Charles City, Dubuque and Fairfield
January 17, 2008 (Des Moines, Iowa) – Firms focused on renewable energy, financial services and new technologies are among four projects awarded today at the Iowa Economic Development Board meeting to stimulate business growth and create jobs. The awards are expected to help create 188 high-quality jobs and leverage new investments totaling about $38 million in Cedar Rapids, Charles City, Dubuque and Fairfield.
“Iowa’s bioeconomy is booming, creating new ‘green collar’ jobs and generating millions in investment across the state,” said Governor Chet Culver. “To extend Iowa’s leadership in renewable energy and create more high-quality careers, we will continue to aggressively recruit, retain and grow bioscience businesses.”
“One of the fastest growing sectors in Iowa’s economy is financial services,” said Iowa Department of Economic Development Director Mike Tramontina. “From strategic efforts begun decades earlier, Iowa is now home to many financial giants and is widely regarded as a major center for financial services. With our support, we will continue to grow Iowa’s financial industry and keep our economy moving forward.”
New processing at Charles City’s VeraSun
VeraSun has developed a process using a proven technology to extract corn oil from its distillers dried grains with solubles (DDGS). VeraSun is proposing to invest $29 million in the new processing at its Charles City ethanol plant. The Economic Development board awarded $200,000 from Value-Added Agricultural Products and Processes Financial Assistance Program (VAAPFAP) to the project. The expansion is expected to create 14 jobs paying an average wage of $16.60 per hour. The corn oil will be used for biodiesel production. Dried distillers’ grains, a co-product of ethanol plants, are sold as livestock feed. Extracting the corn oil produces a high protein feed as well as new raw material for biodiesel production. Enterprise Zone tax benefits were also approved for the VeraSun project.
Cedar Rapids getting Center of Excellence
Genencor, a Danisco Company, is planning a $3 million Center of Excellence in Cedar Rapids for final development of enzymes used by the fuel ethanol and corn refining industries. Genencor is expected to create 20 jobs, 19 of the jobs paying an average wage of $40.61 per hour. The 20,000 sq. ft. center will house an application laboratory, pilot plant, training center, conference rooms and offices. The Economic Development Board approved $100,000 from the Community Economic Betterment Account (CEBA) to go with Enterprise Zone tax benefits approved for Genencor.
High growth company in Fairfield
Cambridge Investment Group, Inc., a fast-growing investor services company, is planning to construct a second building and continue hiring more employees on its Fairfield campus. The $6 million expansion was awarded tax benefits to expand in an Enterprise Zone. Cambridge expects to create 97 jobs. A second 40,000 square foot office building will be constructed on the company’s 40 acre site beginning in April with completion expected by March 2009. Cambridge currently employs 226 people in Fairfield.
International organization thrives in Dubuque
Sustainable Land Development International (SLDI), a member-owned, for profit organization, is moving into Dubuque’s warehouse district as part of expansion to develop new technologies, products and services. The project is expected to create 57 jobs, 37 of the jobs paying an average wage of $25.41 per hour. The Economic Development Board awarded SLDI $137,500 from the Entrepreneurial Ventures Assistance (EVA) program ($25,000 technical assistance grant, $112,500 to be repaid through an EVA royalty agreement on future sales). Working with land developer members, SLDI promotes land development around the world that balances the needs of people, planet and profit. SLDI was also awarded Enterprise Zone tax benefits.