IBM to Bring 1,300 Jobs to Dubuque

Some good economic news for Dubuque and NE Iowa...

IBM plans to create a new technology center downtown in the Dubuque Building, soon-to-be vacated by McKesson Corporation as McKesson locates to their new facility in the Dubuque Technology Park at Key West (Dubuque). As we speak, several floors of the building are being prepared to accommodate the initial round of hires for the center, reported by sources to be approximately 800 THIS year, topping out at 1,300 or more after two years!

Gov. Culver was to hold a press conference in Dubuque this morning (depending on the weather I assume).

**Update**
There was a press conference this morning. Here's some more info I got from a press release from the Governor's office and Iowa Dept. of Economic Development.

Governor Culver joined with representatives from IBM and local officials to announce today that IBM will open a new technology service delivery center in Dubuque. It is expected that the project will create up to 1,300 high-quality jobs.

“Today’s announcement is about three things – Jobs, Jobs, Jobs,” said Governor Culver. “I want to welcome IBM to Iowa, and thank them for bringing these 1,300 high quality, good paying jobs to our state. Today’s announcement is one more sign that people around the country are discovering what we have known all along – that with our highly skilled workforce, inviting business climate and quality of life, Iowa is a great place for business. As Governor, I will not rest when it comes to bringing jobs like these to Iowa.”

Working with the Governor’s Office, the Iowa Department of Economic Development, the City of Dubuque and Dubuque Initiatives and the Greater Dubuque Development Corporation, IBM has signed a 10-year lease, with optional extension years, to occupy the historic Roshek Building in downtown Dubuque. The City of Dubuque, Dubuque Initiatives and IBM plan to upgrade the facility to make it a “green” building. The renovation of the building will utilize industry-leading energy-efficient technology.

This announcement does include government incentives for IBM...

The total project cost is expected to exceed $100 million. The Department of Economic Development board will take action next month on $22 million in proposed state incentives for the project. These incentives include:

$11,700,000 Direct financial assistance based on a $9,000 forgivable loan per job for 1,300 jobs

$ 8,500,000 Iowa New Jobs Training Funding through Northeast Iowa Community College

$ 1,848,600 Iowa New Jobs Training Tax Credit

$22,048,600 Total proposed State of Iowa incentives to IBM

In addition, the Iowa Department of Economic Development will provide $450,000 of funding to the non-profit Dubuque Initiatives group to purchase the Dubuque Building, thereby lowering their lease costs to IBM.