Iowa: 6 companies get incentives

Iowa: 6 companies get incentives

	Published : Thu, 18 Oct 2007 20:27 By : Agencies Print this Story

DES MOINES, Iowa (AP) - State economic development officials approved Thursday state incentives for six business projects that promise to provide 261 new jobs.

Springboard Engineering, a business started by a former Maytag design engineer, was awarded $400,000 from a grant program and a jobs creation program. It is expected to create 61 jobs, 58 of the jobs paying an average wage of $34.11 per hour. Office space and laboratory facilities in a refurbished existing building in Newton will house contract engineering, prototyping and testing of new products for manufacturers. Most of the workers will be former Maytag engineers.

Family-owned Bodine Electric Co. was awarded $500,000 to consolidate operations currently located in Chicago with its Peosta facility. The $3 million project is expected to create 105 jobs paying an average starting wage of over $15 per hour. Construction of a new addition will begin in November, which will triple the size of Bodine's existing facility. The company plans to begin the hiring process in February 2008. Bodine Electric manufactures motors and gearmotors sold worldwide.

Other projects receiving the approval of the Economic Development Board and the Iowa Department of Economic Development include:

--VeraSun Energy, $200,000 and tax benefits. Company plans to invest about $30 million to add a new product to current production at its ethanol plant in Fort Dodge. The expansion is expected to create 14 jobs paying an average starting wage of $16.60 per hour.

--Red Rock Renewables, tax benefits. The new Iowa company is planning to build a 100 million gallon-per-year ethanol plant in Pleasantville next year. The project plans to create 19 jobs paying an average starting wage of $21.15 per hour.

--Willmark Energy, tax benefits. The company plans to build a 25 million gallon-per-year ethanol plant in Postville with the expectation of expanding the facility to 110 million gallons in the future. Willmark plans to create 30 jobs paying an average starting wage of $18.57 per hour.

--Dakwa Inc., operating Johnstone Supply in Sioux City, tax benefits. The company plans to lease a new 28,750-square-foot showroom and distribution center, creating 10 jobs paying an average starting wage of $16.78 per hour. Johnstone Supply is a wholesaler to contractors of heating, ventilation, air conditioning and refrigeration parts and equipment.