Cascade Lumber Awarded State Assistance for Expansion Plans

The Iowa Economic Development Authority (IEDA) board on Friday awarded direct financial assistance and tax benefits to four companies for job creation and expansion projects. These awards will assist in the creation of 70 jobs, retention of 13 jobs and will result in $7.5 million in new capital investment for the state.
The board approved assistance for planned or proposed projects located in Cascade, Fort Madison, West Des Moines and Bancroft.
Cascade Lumber plans expansion of its production capacity
Cascade Lumber Company is a full-service component manufacturer serving residential, commercial and agricultural markets with prefabricated wood and cold-formed steel roof trusses, floor trusses and wall panels. The company is proposing a $1.5 million expansion of its production capacity in Cascade, requiring the purchase and installation of additional machinery and equipment to produce steel and wood components. The board awarded the project tax benefits via HQJ to create two jobs at a qualifying wage of $19.15 per hour.
Fort Madison manufacturer receives assistance
Gregory Manufacturing Company, located in Fort Madison since 1968, has been manufacturing containers for the sanitation business. In the early 1990’s, the company established itself as a reliable producer of flat glass racks for AFG, Cardinal, Guardian, LOF, PPG and many other affiliates. Gregory Manufacturing Company is proposing a $1.58 million expansion to house a new powder coat painting system that will allow for the enhancement of the assembly department, therefore adding the potential for continued growth of the Iowa facility. The project would retain 13 jobs at a qualifying wage of $18.91. The board awarded the project tax benefits through the Targeted Jobs Withholding Tax Credit (TJWTC) program.
INTL FCStone proposes regional headquarters in new West Des Moines facility
INTL FCStone Inc. is a Fortune 500 financial services firm specializing in commodity trading, including base and precious metals; energy products; forest product; grains and oilseeds; and soft commodities, including coffee, sugar, cocoa and cotton. INTL FCStone also provides a wide range of other financial services, including foreign exchange trading and global payments.  INTL FCStone’ s customers include the producers, processors and end-users of virtually every major traded commodity; commercial counter-parties; governmental, non-governmental and charitable organizations; institutional investors; brokers; professional traders; commercial banks; and major investment banks. The company is proposing to locate its Iowa regional headquarters in a new facility in West Des Moines to house its financial services and commodities operations. The project will have a capital investment of $1.4 million. The board awarded INTL FCStone $200,000 in direct financial assistance to create 50 jobs at a qualifying wage of $26.72 per hour.
Aluma to construct addition to existing facility in Bancroft
Aluma began operating in 1992 building aluminum trailers for golf carts. After several expansions through the years, the company now manufactures over 60 models of open utility and enclosed cargo trailers which they sell through 350 dealers in all 50 states and in Canada. Aluma is proposing to expand again with an addition to the existing facility that would be expand shipping operations in Bancroft. The board awarded the company $40,000 in direct financial assistance and tax benefits through the High Quality Jobs (HQJ) program to create 18 jobs, six of which are incented at a qualifying wage of $19.09. The project is expected to have a capital investment of $3 million.