IEDA board approves aid to two companies

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October 21, 2022

For more information contact:

Ms. Kanan Kappelman
515.348.6248
Email: [email protected]

IEDA board approves aid to two companies

October 21, 2022 (DES MOINES, IA) – Today, the Iowa Economic Development Authority Board approved two awards for businesses in Charles City and Council Bluffs that will help create 71 jobs and raise more than $605 million new capital investments for the state.

Charles City pharmaceutical company to expand facilities
Cambrex, a contract development and manufacturing organization (CDMO) headquartered in East Rutherford, New Jersey, plans to expand its facilities in Charles City. Cambrex will add 9,000 square feet to the existing footprint, including a new quality control lab and administrative space. The project represents a capital investment of $6.5 million and is expected to create 40 jobs, 39 of which are incentivized at a qualifying wage of $20.58 per hour. The board of directors granted the company tax benefits and direct financial assistance of $300,000 under the High Quality Jobs (HQJ) program. The Charles City site manufactures active pharmaceutical ingredients (APIs) and pharmaceutical intermediates for the generic and branded human pharmaceutical markets. The company currently provides APIs for the treatment of ADHD, smoking cessation, oncology, Crohn’s disease and others.

Google is expanding its presence in Iowa
Google LLC is a multinational technology company that focuses on search engine technology, online advertising, cloud computing, computer software, quantum computing, e-commerce, artificial intelligence and electronics General public. The proposed project would involve the construction and operation of a data center in Council Bluffs which powers many internet-related products. At the request of the Town of Council Bluffs, the council has authorized a local property tax exemption under the HQJ scheme. This allows the city to provide the 20-year sliding-scale tax abatement approved by its city council on October 10, 2022. No new state incentives are planned, but the project will trigger $600 million in new investment in capital and will create 31 jobs at an eligible wage of $28.73 per hour.

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Download a spreadsheet with today’s awards: iowaeda.com/UserDocs/oct22awards.pdf

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