Manufacturers, transportation companies seek state funds
Wednesday, August 27, 2014
Article by The Des Moines Register
Six companies will come before a state board Friday seeking tax incentives to help finance their business expansions.
The largest project coming before the Iowa Economic Development Authority Board on Friday is expected to cost $10.8 million.
Transco Railway Products plans to start the second phase of its expansion in Oelwein. The train car refurbishing company is seeking combined incentives of $565,322 to erect a 76,000-square-foot blast and paint facility.
The board awarded Transco $418,500 in June for the first part of the expansion.
Legacy Manufacturing, based in Marion, is requesting $261,750 in tax credits. The company plans to move into a larger location in Marion since it says it has outgrown its 60,000-square-foot plant.
The expansion is expected to cost about $10.4 million. Legacy manufactures air hose assemblies and other types of pumps used in the automotive, industrial and agricultural industries.
Four other companies are also seeking incentives:
-- CNH Industrial is requesting a combined $342,869 for an expansion at its Burlington location. The company manufactures agricultural and construction equipment and is adding a new production line. The project is expected to cost about $7.02 million.
-- Express Logistics plans to construct a new $1.2 million building in Waukee. The company is seeking a combined $188,000.
-- Grace Engineered Products is looking to purchase a new building in Davenport to expand, a project expected to cost about $2.74 million. The company is requesting a combined $135,800.
-- Lone Mountain Truck Leasing is moving its corporate office from Omaha to Carter Lake. The company is requesting $79,142 for the project, which is expected to cost about $4.25 million.