Spencer Municipal Utilities Honored with Economic Development Impact Award
04/14/2016 1:28 PM
Iowa’s rural electric cooperatives actively foster and utilize strategic partnerships to make significant contributions to economic sustainability and community vitality statewide. Iowa Area Development Group (IADG) annually recognizes their electric utility members for outstanding commitment, support, and participation in business development projects and local community initiatives.
Spencer Municipal Utilities (SMU) was recognized for economic development accomplishments and commitment to their local communities during their April board meeting. SMU has a long history of supporting development projects and initiatives in northwest Iowa. In recognition of their leadership and support, SMU was presented with an IADG Impact Award for project development. Recent examples of their support of business growth include Quality Refrigerated Services’ addition of 720,000 sq. ft. of freezer space and added chilled processing area, doubling the size of their Spencer footprint. SMU was also heralded for their leadership and financial support for the Northwest Iowa Mental Health Center and the purchase of equipment for the Spencer and Clay County new Emergency Communications Center. Both projects were awarded USDA grants for low interest loans to support these investments. Repayments will establish a revolving loan fund for future economic development initiatives.
“We would like to commend SMU for their ongoing commitment to community and business development,” stated IADG President, Rand Fisher. “IADG is pleased to recognize their investment in new, existing, and expanding business and industry; which generate jobs, provide services and create wealth for the entire region.”
The Iowa Area Development Group is the marketing and business development office for Iowa’s member-owned rural electric cooperatives, select municipal electric utilities and independent telecommunication companies. IADG has assisted with over 2,000 successful business expansions and start-up projects. This growth represents capital investment of more than $10.15 billion and 51,500 jobs for Iowa. The Iowa Area Development Group was established in 1985 to promote and strengthen rural Iowa development opportunities. Stay connected with IADG news at www.facebook.com/IADG.IA and www.twitter.com/IADGIOWA.
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