August 21, 2026 (DES MOINES, IA) — Today, the Iowa Economic Development Authority (IEDA) Board approved tax credits for two manufacturing companies, which will assist in the creation of 98 jobs and result in $57.2 million in new capital investment for the state. These projects are located in Clinton and Waverly. The board also approved Community Attraction and Tourism (CAT) grants for projects in Forest City and Larchwood, as well as Strategic Infrastructure Program grants for three university-led projects that will strengthen Iowa’s advanced manufacturing, aerospace and defense innovation ecosystem.
ADM to expand precision fermentation capabilities in Clinton
Archer Daniels Midland Company (ADM) is a global food processing and commodities trading company that produces food, feed and industrial products from agricultural commodities. ADM plans to convert an underutilized 463,503-square-foot fermentation facility at its Clinton complex into a precision fermentation facility, expanding the site’s ability to produce additional high-value biobased products. The project includes new processing equipment for separation, purification, drying and packaging, as well as upgrades to existing fermentation equipment, piping and supporting systems to enable large-scale production of proteins and enzymes. The $55.5 million capital investment is expected to create 53 jobs incented at a qualifying wage of $23.57 per hour. The board awarded $2.23 million in tax credits through the Business Incentives for Growth (BIG) program.
Impact CNC to expand manufacturing operations in Waverly
Headquartered in Indiana, Impact CNC, LLC is a precision machining manufacturer serving original equipment manufacturers across multiple industries. Following its July merger with Waverly-based GMT, LLC, the company plans to install new manufacturing equipment to increase production capacity and support growth. The $1.7 million capital investment includes two vertical lathes, leak-testing equipment and assembly equipment, as well as computer hardware and software. The project is expected to create 45 jobs incented at a qualifying wage of $28.52 per hour. The board awarded $61,260 in tax credits through the BIG program.
CAT grants awarded to two projects
Friends of Bear Creek and the City of Forest City were awarded $705,000 to replace the clubhouse at Bear Creek Golf Course with a new 12,000-square-foot, two-level facility featuring a full-service restaurant and bar, indoor golf simulators and public gathering space. The facility will provide a year-round destination for recreation, dining and events, attracting visitors for leagues, tournaments, community gatherings and corporate outings. The total project cost is $2.35 million.
The City of Larchwood was awarded $1 million to construct an 18,825-square-foot, fully handicap-accessible community center to replace the city’s aging recreation center. The new facility will provide the community of fewer than 1,000 residents with modern space for recreation, youth programs, tournaments, craft fairs and other events. Amenities will include a multiuse gymnasium, a walking track, fitness and aerobics rooms, a kitchen and a community room, positioning Larchwood to host regional activities and attract visitors from nearby Minnesota and South Dakota. The total project cost is $4.13 million.
The CAT program provides financial assistance to communities for the construction of recreational, cultural, educational or entertainment facilities that enhance the quality of life in Iowa. Award recommendations for these funds are made by the CAT Review Committee to the IEDA Board for approval.
Strategic Infrastructure Program grants awarded to three university-led projects
The University of Iowa was awarded $1,738,190 through the Strategic Infrastructure Program for its Protostudios 2.0 initiative. The project will expand the university’s advanced manufacturing and prototyping capabilities through new equipment and infrastructure investments that support entrepreneurs, startups, researchers and manufacturers across Iowa. The upgrades are designed to strengthen workforce development, accelerate product development and commercialization, and ensure Iowa remains competitive in advanced manufacturing and medical technology industries.
The University of Iowa also was awarded $900,000 through the Strategic Infrastructure Program for the Operator Performance Lab Aerospace Economic Growth Initiative. The project will add a second operational flight-test aircraft, establish classified research capabilities and create secure operational infrastructure to strengthen Iowa’s aerospace and defense ecosystem. The investment is expected to attract additional federal research dollars, expand workforce opportunities and position Iowa as a destination for advanced aerospace and defense innovation.
The University of Northern Iowa was awarded $970,000 through the Strategic Infrastructure Program for its Foundry 4.0 Center. The funding will support the acquisition of Industry 4.0 manufacturing technologies and equipment aimed at modernizing foundry operations and advancing smart manufacturing across Iowa. The project will enhance workforce training, strengthen participation in defense supply chains and create a statewide technology-transfer platform that helps Iowa manufacturers remain globally competitive.
The Strategic Infrastructure Program supports projects that develop commonly utilized assets with the goal of providing a competitive advantage to one or more private sector entities or that create necessary physical infrastructure in the state, and such projects are not adequately provided by the public or private sectors. Award recommendations for these funds are made by an internal and external review committee and presented to the IEDA Board for approval.
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Download a spreadsheet with today’s BIG awards.
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