Pool Firm enlargement particulars come into focus
Burlington City Council on Monday agreed to approve a pilot tax application by a Nevada-based company looking to move to Burlington and create 80 new jobs.
Integra Pool Covers has a lot at 3800 West Ave. in which Dresser-Rand was until it was bought by Siemens in 2014. Siemens worked in the building until it closed in 2018. The move would create 80 new jobs within three years.
“The capital investment for this project is estimated at $ 5.6 million,” the company said in a memo to the council.
Integra Pool Covers currently manufactures pool covers but is trying to expand its production to include vinyl pool covers and winter pool covers. Integra is owned by the same company as Leisure Pools and Spas, which manufactures and sells swimming pools in the US and 22 other countries, and plans to expand into Europe.
Of the 80 jobs the company plans to bring, the minimum starting wage would be $ 14 an hour, but at least 40 of the jobs would pay at least $ 21.61 an hour.
The company has applied for the Targeted Jobs Withholding Tax Credit Program, established in 2006 and administered by the Iowa Economic Development Authority.
The program is an attempt to encourage businesses to create at least 10 new jobs or invest at least $ 500,000 in businesses in Iowa. Although the program was launched 14 years ago, it is still in the pilot phase, so prospective companies can only apply for the grant if they want to invest in one of five cities in Iowa.
These five cities are Burlington, Fort Madison, Keokuk, Council Bluffs, and Sioux City.
Usually the city would have to provide a local match for the program. However, since the company is moving to an existing building and is not expected to increase the valuation of this property by more than 10%, no local match dollars are required.
According to the schedule specified in the program application, Integra plans to acquire the former Siemens building in the next month. Recruiting could start as early as March after the building is upgraded to operate.
After the grant application is signed, it will be examined by the IEDA. However, it is not known when the grant will be awarded. The company is also seeking grants in three other states where it plans to expand its business.