The Iowa Economic Development Authority (IEDA) board awarded direct financial assistance and tax benefits to nine companies for job creation and expansion projects including a major project in the Cedar Valley. These awards will assist in the creation/retention of 484 jobs and will result in nearly $105 million in new capital investment for the state.
A proposed project includes an investment to expand tractor product laboratories at the John Deere Product Engineering Center in Cedar Falls. These investments will address the evolution of tractor size and power, and add test capabilities to help ensure that John Deere products meet customers’ expectations for productivity, reliability, efficiency and comfort. The project is expected to have a capital investment of $27.7 million and would retain 29 jobs at a qualifying wage of $18.84. The board awarded John Deere tax incentives through the HQJP to complete this project in Iowa.