Upper Iowa Beef in Lime Springs to increase production capacity thanks to $48M award

(ABC 6 News) – The Iowa Economic Development Authority (IEDA) announced on Friday that it has approved awards for three companies, which will help create jobs and bring in new capital investment for the state.

The IEDA awarded Upper Iowa Beef in Lime Springs an estimated $48 million capital investment to help create an estimated 172 jobs, of which 33 are incented at a qualifying wage of $23.53 per hour.

The board awarded the company tax benefits through the HQJ (High Quality Jobs) program – which provides qualifying Iowa businesses assistance to off-set costs incurred to locate, expand, or modernize a facility. The program includes loans, forgivable loans, tax credits, exemptions and/or refunds.

Upper Iowa Beef opened in 2017 to provide local food production. The company works with family-owned and operated farms, which includes purchasing livestock from more than 400 independent cattle producers in northeastern Iowa. The company plans to use the award to expand and upgrade its facility to help increase capacity.

International Paper in Cedar Rapids and OpenLoop Health in Des Moines are the other two companies who will receive awards.

The IEDA said in all, the awards will help to create 579 jobs and result in nearly $156 million in new capital investment for Iowa.

Award recommendations for the funds are made by the Technology Commercialization Committee to the IEDA Board for approval.

View the awards below: