CASCADE, Iowa -- A manufacturing company plans to open a new facility in Cascade, investing more than $2.5 million and bringing nearly 25 new jobs to the community.
The Iowa Economic Development Authority today approved incentives for the project contingent on approval of a match from the City of Cascade.
Agency documents show that manufacturing company Centro plans to spend more than $1 million to acquire an existing building and nearly $700,000 on renovations. Another $700,000 would be spent on equipment and machinery, while the rest of the investment would pay for furniture, fixtures and computer software.
Documents did not specify which building in Cascade would be purchased.
The project would bring 24 jobs to the city, 16 of which meet the state threshold for incentives. The incented jobs would pay at least $19.41 per hour.
IEDA today approved awards for seven established companies in Iowa, which will assist in the creation of 179 jobs and result in almost $105 million in new capital investment.
Kanan Kappelman, a spokeswoman for Iowa Economic Development Authority, said Centro's proposed growth is part of an encouraging trend.
“When you look at the projects that were approved today, many of them are focused on manufacturing,” she said “Given the impact that COVID had on the industry over the last year, we are really thrilled to see this resurgence in manufacturing in the state.”
Centro is a plastic custom rotational molder, according to IEDA documents. The company already has an Iowa presence in North Liberty, Waterloo and Ankeny.
A timeline for the project indicates that Centro would acquire the building in April and complete improvements in June.
State officials signed off on an investment tax credit of more than $117,000 and a sales, service and use tax refund of nearly $21,000 to support the project.
The City of Cascade plans to provide a tax-increment financing rebate over 10 years, according to IEDA. However, this has yet to be approved, and specifics of the agreement were not available in state documents.
Cascade City Administrator Deanna McCusker declined comment when reached by the Telegraph Herald, referring questions to the Cascade Economic Development Corp.
Brad Ludwig, president of Cascade Economic Development Corp., said he was unable to provide many details about the potential project but expressed optimism about the economic impact it could have.
“We are excited about the opportunity to work with Centro going forward,” Ludwig said.
Ludwig said he expects city officials to vote on possible incentives “within the next couple weeks.” He confirmed that Centro is looking at an existing building in the industrial park but declined to provide additional details on the location.
Calls to Centro were not immediately returned.