Two Local Companies Invest $27 Million Dollars in Waterloo Projects Receive State Support
posted on Friday, November 22, 2019 in Economic Development
Article written by the City of Waterloo
This morning, the Iowa Economic Development Authority (IEDA) awarded $1,034,900 in tax reimbursement to Waterloo companies for building and workforce expansion. Lincoln Savings Bank (LSB) and Warren Transport where each awarded tax credits to support their expansion projects. Combined the two project represent $27M of new investment in Waterloo.
Waterloo Economic Development and Grow Cedar Valley staff met with both companies and assisted in the application process. Lisa Skubal of Grow Cedar Valley will continue to brief the IEDA and identify additional means of support.
“Expanding existing business in Waterloo is a sure sign of our economic health and vibrancy,” says Waterloo Mayor Quentin Hart. “We are proud that these local businesses (LSB and Warren Transport) and others have prospered here and are re- investing in Waterloo. These cutting edge technology and logistics companies complement Waterloo’s robust advanced manufacturing industries.”
Lincoln Savings Bank
Lincoln Savings Bank will invest $1.305M to acquire additional office space to support its fintech initiative. They received $957,500 in tax reimbursement from the IEDA. In The project includes acquisition and renovation of two floors in the Tech 1 Building on the TechWorks Campus in Waterloo, plus significant infrastructure improvements to the building. The IEDA board awarded tax benefits to the company through High Quality Jobs Program( HQJP). The project is expected to generate $18.3 million in capital investment and create 49 jobs, 40 of which are incented at a qualifying wage of $18.49 per hour. 2014, LSB launched its fintech initiative, which merges traditional payment systems with new and emerging technologies.
Warren Transport will invest $8.65M in the proposed construction of a new corporate headquarters and a vehicle maintenance facility. Warren received High Quality Jobs Program (HQJP) – tax credits, $77,400 from the IEDA. Warren Transport subsidiary, Warren Specialized Logistics, Inc., also will be located within the new facility. Warren Transport, Inc., an over-the-road trucking company that transports products across North America, has outgrown its existing facilities in Waterloo.