Posted Online: Nov. 28, 2012, 12:21 pm
Signing of an agreement with LEDS AMERICA
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Press release submitted by Doug Borgeson
The developers of the I-74 Technology Park, Bettendorf, announced today the signing of an agreement with LEDS AMERICA to move their high tech manufacturing company to the Park. Alan Frankel, co-developer, stated LEDS will be opening in a temporary facility in Bettendorf within the next 40 days. Frankel continued that the planning and design of a new permanent building has begun. It is projected construction will begin in the summer of 2013.
Frankel further stated that the EXTRAORDINARY efforts by Doug Borgeson, Northwest Bank & Trust, the City of Bettendorf, and Bi-State Metropolitan Commission were instrumental in bringing LEDS AMERICA, Inc. to Bettendorf and the Quad Cities.
The LEDS facility will be built in phases with an ultimate projection of a $10-12 Million, 50-60,000 sq. foot building with an estimated 130 to 150 high tech jobs. Frankel continued,
we expect one or more vendors who service LEDS AMERICA will be moving to the I-74 Tech Park to provide "just in time" delivery of components and supplies. These companies may come from as far away as Singapore and Hong Kong. Frankel further stated, "this is a critical first step in what we hope will open new growth for the Quad Cities."
Joel Westermarck, president of LEDS America, expressed his appreciation and satisfaction with effort and cooperation to bring LEDS America to Bettendorf.
Joe Slavens, President of Northwest Bank and Trust Company commented, "As a locally owned community bank, the core of our work with businesses is to help new companies get off the ground and to invest in the growth of those that are already established. It is gratifying to see companies like LEDS America decide to be part of the Quad Cities. We are happy to have provided not just the financing, but the financial advisory services necessary to bring these additional jobs to our area."