A Linn County business will be able to add 18 jobs and retain six jobs after the Iowa Economic Development Authority (IDEA) board on Friday unanimously approved an incentive package for the company to expand its operation.
MSI Mold Builders, 12300 Sixth St. SW, received approval from the state to receive $144,000 in direct financial assistance. The Iowa High Quality Jobs Program provided a 50 percent forgivable loan, a 50 percent zero interest five-year loan and $42,700 in a sales tax refund on construction materials.
The Linn County Board of Supervisors earlier this month agreed to provide a local match of $28,800. In addition, the county will provide an industrial property tax exemption.
The Cedar Rapids Metro Economic Alliance worked with MSI Mold Builders to secure state and local assistance for this project.
Roger Klouda, MSI president, said the support and assistance received during this process helped his company make the decision to expand in Linn County.
“We appreciate the confidence the IEDA and Linn County have placed in MSI,” Klouda said. “Our 40-year history of providing the community with great paying jobs and a great place to grow has been recognized by the state and the county and that is wonderful.”
MSI Mold Builders, which designs, manufactures and markets specialized, high-end molds for the plastics industry, requested the assistance to construct a $5.6 million, 14,500 square foot addition in Linn County.
Company officials had considered expanding at its facility in Greenville, S.C.
MSI’s Linn County facility has 65 employees, and some 18 in Greenville.