DES MOINES, Iowa — The Iowa Economic Development Authority Board approved tax credits for two manufacturing companies that will create 98 jobs and bring $57.2 million in new capital investment to the state.
The projects are in Clinton and Waverly. The board also approved Community Attraction and Tourism grants for projects in Forest City and Larchwood, along with Strategic Infrastructure Program grants for three university-led projects.
Archer Daniels Midland Company plans to convert an underutilized 463,503-square-foot fermentation facility at its Clinton complex into a precision fermentation facility. The project includes new processing equipment for separation, purification, drying and packaging, as well as upgrades to existing fermentation equipment, piping and supporting systems to enable large-scale production of proteins and enzymes.
The $55.5 million capital investment is expected to create 53 jobs at a qualifying wage of $23.57 per hour. The board awarded $2.23 million in tax credits through the Business Incentives for Growth program.
Impact CNC, a precision machining manufacturer based in Indiana, plans to install new manufacturing equipment at its Waverly location to increase production capacity and support growth. The company merged with Waverly-based GMT in July.
The $1.7 million capital investment includes two vertical lathes, leak-testing equipment and assembly equipment, as well as computer hardware and software. The project is expected to create 45 jobs at a qualifying wage of $28.52 per hour, and the board awarded $61,260 in tax credits through the Business Incentives for Growth program.
Friends of Bear Creek and the City of Forest City were awarded $705,000 to replace the clubhouse at Bear Creek Golf Course with a new 12,000-square-foot, two-level facility. The facility will feature a full-service restaurant and bar, indoor golf simulators and public gathering space, providing a year-round destination for recreation, dining and events.
The City of Larchwood was awarded $1 million to construct an 18,825-square-foot, fully handicap-accessible community center to replace the city’s aging recreation center. The new facility will provide the community of fewer than 1,000 residents with modern space for recreation, youth programs, tournaments, craft fairs and other events, positioning Larchwood to host regional activities and attract visitors from nearby Minnesota and South Dakota.
The University of Iowa was awarded $1,738,190 through the Strategic Infrastructure Program for its Protostudios 2.0 initiative. The project will expand the university’s advanced manufacturing and prototyping capabilities through new equipment and infrastructure investments that support entrepreneurs, startups, researchers and manufacturers across Iowa.
The University of Iowa also was awarded $900,000 through the Strategic Infrastructure Program for the Operator Performance Lab Aerospace Economic Growth Initiative. The project will add a second operational flight-test aircraft, establish classified research capabilities and create secure operational infrastructure to strengthen Iowa’s aerospace and defense ecosystem.
The University of Northern Iowa was awarded $970,000 through the Strategic Infrastructure Program for its Foundry 4.0 Center. The funding will support the acquisition of Industry 4.0 manufacturing technologies and equipment aimed at modernizing foundry operations and advancing smart manufacturing across Iowa.