The Iowa Economic Development Authority Board on Friday approved financial assistance for two Cedar Rapids companies to assist with planned expansions.
RuffaloCODY, 65 Kirkwood North Rd. SW, was approved for $450,000 of direct financial assistance through Iowa's High Quality Jobs Program and $570,000 in tax credits to help fund $3.7 million of a new corporate headquarters project. The city will provide $1,034,430 of local matching funds through a 10-year tax abatement and RuffaloCODY will invest $3,275,000 of internal capital.
RuffaloCODY expects to create 111 jobs with the expansion, of which 85 are linked to the state financial incentives.
RuffaloCODY is planning to lease a 60,000-square-foot building on 15 acres of land near the intersection of C Street and 76th Avenue SW in Cedar Rapids. The building is expected to cost about $15 million to construct and the lease payments are projected to be $1.2 million annually over the 10-year term of the lease.
Last month, the Kirkwood Community College Board of Trustees approved the purchase of the existing RuffaloCODY facility on Kirkwood North Road SW. The college has plans for the building after it is vacated by RuffaloCODY.
RuffaloCODY is one of the fastest-growing private companies in the nation with more than 4,700 employees in 140 locations. The company, which provides fundraising and enrollment management services for colleges, universities and nonprofit organizations, is housed in three buildings in Cedar Rapids.
Sadler Power Train, a warehouse distributor of light, medium and heavy duty truck parts at 2150 Sadler Dr. SW, is planning to purchase land and construct a 30,000-square-foot facility in Davenport. The new building would replace the company's existing 14,500-square-foot facility and enable Sadler Power Train to expand its business operations and create six jobs.
The IEDA Board approved $135,450 of tax credit assistance through the state's High Quality Jobs Program for the $3,250,000 project. Sadler Power Train, which also has on-site rebuilding shops in Cedar Rapids, Davenport, Dubuque and Waterloo for transmissions, differentials, drivelines and hydraulics, will borrow $2.4 million from a Cedar Rapids bank and invest $850,000 in cash equity.
The state panel approved $175,000 in direct financial assistance to Northfield, IL-based Bodine Electric Co. for the expansion of its primary manufacturing facility in Peosta. The expansion, which will allow the company to meet demand for gearmotors, is expected to create 35 jobs and represents a capital investment of $1.75 million.
Monsanto was awarded tax assistance to expand seed corn operations at its Grinnell and Williamsburg facilities. The proposed project, which represents a $21.5 million capital investment, is expected to create eight jobs in Grinnell.
Award recommendations for the Iowa Innovation Acceleration Fund were made by the technology and commercialization committee to the IEDA Board for approval.
Breads from Anna of Iowa City, which manufactures and sells a complete line of gluten and allergen free baking mixes nationally and internationally, was awarded a $450,000 loan from the fund to be used for prototype design, marketing and hiring key personnel.
Foundations in Learning, also of Iowa City, was awarded a $500,000 loan through the Iowa Innovation Acceleration Fund for Internet Protocol development and evaluation, marketing and hiring key personnel. The company, founded in in October 2009, develops, tests and delivers state-of-the-art learning solutions that tailor technology by using effective learning models and theory.The IEDA Board also approved contract extensions for ACCIONA Windpower of West Branch, Rockwell Collins of Cedar Rapids and a number of other assistance recipients to meet project completion and hiring goals.