(Spencer)– The Iowa Department of Economic Development has provided the city of Spencer CEBA funds to help bring a new manufacturer to town.
On Thursday, the board awarded Kolman Conveyor Manufacturing 300-thousand dollars through the DED’s Community Economic Betterment Account, or CEBA. The money is in the form of a forgivable loan.
The company is looking at constructing a new building in the Spencer Technical Park. The project will create 30 jobs in Spencer, 15 of which will qualify for an average wage of $21.99 an hour.
The IDED Board also approved tax benefits for Kolman from the High Quality Jobs Creation Program.
Spencer is competing with Minnesota for Kolman Conveyor, which is being acquired and relocated from Sibley to a new location.
Kolman produces material handling and processing systems for the mining and gravel industries.
(Story from Danielle Hitchings of sister station KDWD Hot 100 in Spencer.).
