Iowa approves tax breaks, loans for Des Moines area companies

(Des Moines, IA) -- The state of Iowa has okayed a 9-(M) million dollar investment for an Ankeny company's expansion. The Iowa Economic Development Authority board has awarded the funds to MCF Operating, LLC, dba as Mrs. Clark's Foods. The company is adding a new, 60-thousand square foot building.

The board awarded the project tax benefits through the High Quality Jobs program. The $9.25 million capital investment project is expected to create 19 jobs,.

The IEDA is also granting loans to startups in Urbandale and Clive.

Urbandale's Inflexion Point Technologies has developed an On-Planter Seed Treatment system. IPT has been awarded a $25,000 loan for intellectual property development and evaluation.

The Board has awarded a $25,000 loan to Stagerie in Clive. The company has created a portal for real estate agents, homeowners and stagers. The loan is to help fund market analysis, product refinement and market entry activities.

The IEDA is also approving a Des Moines Reinvestment District amendment. The program is designed to help communities develop projects aimed at improving the quality of life, creating and enhancing unique opportunities and substantially benefitting a community, region and state.

The program provides for up to $100 million in new state hotel/motel and sales tax revenues to be “reinvested” within approved districts. Districts cannot exceed 25 acres in size and must be in an Urban Renewal Area.

The City of Des Moines was awarded a maximum benefit amount of $36,487,400 under the Iowa Reinvestment District Program for the Iowa Convention and Entertainment Reinvestment District plan in May 2015.

The original district plan included four projects: the Iowa Events Center Convention Hotel, the 5th & Keo Parking and Streetscaping, the Randolph Hotel, and 420 Court with estimated costs of $179 million. All four projects have been completed.

The IEDA Board has approved the City of Des Moines’ request to amend the existing boundaries of their Reinvestment District along with an addition of two projects to the district plan.

The new hotels being developed are the Surety Hotel ($40 million renovation and restoration of the existing 12-story Midland Building) and the Financial Center Hotel ($59.3 million project set to convert a portion of the Financial Center Building to a full-service, upscale hotel).

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