TrueNorth Plans $2 Million Expansion
posted by Select An Author on Wednesday, October 14, 2015
TrueNorth Insurance and Financial Strategies is considering a $2 million expansion of its downtown Cedar Rapids corporate headquarters.
The company, which bought the former Cedar Rapids Public Library after the June 2008 flood and renovated the building, expects the proposed expansion to accommodate a potential 57 new jobs over the next three years. TrueNorth employs 257, including 173 at its headquarters.
“When we put initial projections together during the first phase of our building project, we knew we were set to grow and that this facility would accommodate our growth,” said Duane Smith, TrueNorth president and CEO. “We just didn’t predict we would need the space to grow so soon.
“We have about 17,000 square feet of hidden space in the back of the second floor where the children’s library was located. We plan to finish that area to provide room for expansion.”
The Iowa Economic Development Authority Board on Friday will consider state investment tax credits for the TrueNorth project. The Cedar Rapids Metro Economic Alliance assisted in preparation of the state application.
“It is a pleasure to facilitate expansion projects for our members,” Dee Baird, president & CEO of the Cedar Rapids Metro Economic Alliance, said in a news release.
The Cedar Rapids City Council also will consider sponsoring an application for state financial incentives at its Oct. 20 meeting.
“Since the recession started, the City of Cedar Rapids has focused on our goal of helping existing businesses grow and expand,” said Cedar Rapids Mayor Ron Corbett. “The strategy is paying off with more jobs and a growing tax base.
“TrueNorth is a premier employer in the Corridor, and this expansion is great news for the community.”
TrueNorth’s expansion project would begin in late November. Smith said completion will probably occur in the second quarter of 2016.
TrueNorth, which serves businesses and individual clients, has locations in Cedar Falls, Des Moines, and the Quad Cities. The company also has sales offices in Colorado, Illinois, Kansas, Michigan, Tennessee, and Texas.