An Elkader company is getting some help with a facility upgrade.
The Iowa Economic Development Authority Board has approved an award for Mobile Track Solutions, LLC, which develops and manufactures quality construction-grade equipment, including tractors, scrapers and towed implements. The company plans to make improvements to their Elkader facility, which will result in the ability to manufacture additional equipment as well as make further investments in research and development.
The project represents a nearly $4 million capital investment and is expected to create 30 jobs incented at a qualifying wage of $18.44 per hour. The board awarded tax benefits and a $250,000 forgivable loan through the High Quality Jobs (HQJ) program.
The Board approved awards for three Iowa companies on Friday, which will assist in the creation and retention of 364 jobs and result in nearly $75.5 million in new capital investment for the state. The other projects are located in Manning and Oskaloosa.
