The Iowa Economic Development Authority (IEDA) Board approved tax credits for five manufacturing companies, supporting the creation of 521 jobs and generating nearly $400 million in new capital investment for the state. The projects are located in Cedar Rapids, Charles City, Milford, Montezuma and Butler County. The board also approved assistance for four startups in Ames, Audubon and Des Moines. In addition, projects in Des Moines and Dickinson County received Community Attraction and Tourism (CAT) grants.
Sub-Zero Group to expand Cedar Rapids manufacturing facility
Sub-Zero Group, Inc. manufactures premium refrigeration products and luxury kitchen appliances offered through its Wolf and Cove brands. The company plans to expand its Cedar Rapids facility with an approximately 225,000-square-foot building addition, enabling on-site refrigerator assembly and the integration of warehousing and injection molding operations. The $196 million capital investment is expected to create 312 jobs, of which 115 are incented at a qualifying wage of $30.41 per hour. The board awarded $9,813,850 in tax credits through the Business Incentives for Growth (BIG) program…