IADG Members Capture $2.38 Million In USDA Development Funding

Agriculture Under Secretary for Rural Development Thomas C. Dorr announced that lADG members will receive $2.38 million in loans and grants to spur local economic development. Central Iowa Power Cooperative (CIPCa) and Lenox Municipal Utilities were each awarded $740,000 in zero-interest loans. cIPca will assist the financial package for Arkansas based River Bend Industries to acquire the assets of a plastics plant near Victor. The overall project will help create 300 new jobs as part of . River Bend's new Iowa locations in Victor and North Liberty.

A delegation of local and state leaders commemorated the construction project for the Stuart Cultural Center. From left: Wayne Brincks of Congressman King's office, Bruce Nuzum, IADG, Dick Doherty. President of Project Restore. Doug Christensen. Stuart Municipal Utilities, Mark Reisinger, USDA and Kate Sand. USDA.

Lenox Municipal Utilities obtained a $740,000 zero interest loan for Cox Manufacturing Company as part of a community based incentive package for an expansion project in Lenox, Iowa.

The company has outgrown their existing facility in Lenox and needs a larger space for their manufacturing of agriculture fertilizer application equipment and other ag spraying products. The 30,000 sq. ft. expansion project will retain 37 peopie and create 20 new jobs for the Taylor County region in southwest Iowa.

In addition, three community development grants were awarded for local efforts in New Hampton, Iowa Falls, and Stuart. Butler County REC will assist the Mercy Medical Center Medical Clinic in New Hampton. The $300,000 nointerest loan will assist the construction of a new 10,000 sq. ft. facility which will improve health care for the region and retain 124 workers in the community.

As a result of the USDA grant, Midland Power Cooperative will make a $300,000 no-interest loan from its revolving loan fund for the Ellsworth Community College Agricultural and Renewable Energy Center in Iowa Falls. The 17,753 sq. ft. facility will contain a new biotechnology and computer lab plus class rooms and a business incubator.

Stuart Municipal Electric Utility received a $300,000 grant to create a revolving loan fund. The first loan from the fund will provide financing for the Stuart Community Cultural and Convention Center, a former church building that was nearly destroyed by fire several years ago. The new center will provide space for commnnity events and gatherings as well as a museum on understanding the world's religions.

Iowa Area Development Group is honored to have assisted CIPCa, Lenox Municipal Utilities, Butler County REC, Midland Power Cooperative, and Stuart Municipal Electric with the USDA funding applications for these important rural Iowa projects.