Our Agency

Call to order 3:00 p.m.
Board Members Present Board Members Absent
Troy DeJoode, Board Chair*
Dan Nickey, Board Vice Chair*
Stuart Anderson*
Jennifer Johnson*
Gul Kremer-Okudan*
Jenae Jenison*
Debi Durham*
Geri Huser*
Craig Just*
Rick Olesen*
Terry Kouba
Valerie Newhouse
Iowa Economic Development Authority Staff Present
Brian Selinger*
Amber Buckingham*
Stephanie Weisenbach*
Lisa Connell*
Terry Roberson*
Betty Hessing*
Kanan Kappelman*
Emily Hockins*
Deanna Triplett*
Vicky Clinkscales*
Alaina Santizo*
Others Present
Derek Folden, Iowa Finance Authority*
Brenda Biddle, Iowa Utilities Board*
Jessica Flannery, Caucus Secretary for the Iowa House of Representatives,
Democratic Research Staff at Iowa Legislature*
Jeff Gorrie, Iowa Association of Municipal Utilities*
515-669-5993*
*Participated via Teams Webinar

Welcome & Introductions by Board Chair Troy DeJoode
Troy DeJoode welcomed everyone to the September 30th IEC Special Board
meeting. Troy DeJoode stated that Tim Whipple now works for the Iowa
Association of Municipal Utilities and has submitted his resignation from the
Iowa Energy Center Board.


Roll Call
Betty Hessing did roll call and a quorum was established.
Consideration of August 5, 2021 Meeting Minutes
Motion by
Motion
Second
Voice Vote
Geri Huser
I move approval of the August 5, 2021 minutes.
Rick Olesen
All ayes in favor. Motion approved.
Public Comment Period – No comments.
Fiscal Update – Attachment A
Terry Roberson stated that the most recent report you have before you today is
the final State Fiscal Year 2021 Report. You can see that at the end of the year
in the main account or the grant account, we have $15.4M. However, in early
August there was approximately $2.9M in grants awarded, which brings our
available funding down to $12.5M. On the loan program, we will have
approximately just over $14.1M to move into the new alternative energy loan
program. Mr. Roberson asked if there were any questions; no questions were
asked.

Energy Infrastructure Revolving Loan Program (EIRLP) – EIRLP Update –
Stephanie Weisenbach thanked everyone who has been involved in
collaborating with us in developing the new Energy Infrastructure Revolving
Loan Program. We plan to open this program for applications on October 1st.
IEDA will issue a press release about the program opening for applications and
we will be able to resume other marketing efforts as well. Over a week ago, we
E-mailed stakeholders to inform them of the timeline of the program opening.
The application will be in IowaGrants.gov and it will remain open after each of
the deadlines, just like the previous program, but we will have those deadlines
in order to have applications considered at the next full IEC Board meeting. We
have three application rounds which we have posted publicly on the website.
The first has a deadline of October 22, 2021, with the first potential awards to be
considered at the November 18, 2021 Board meeting. The second round will
have a deadline of January 20, 2022, with potential awards being considered at
the February 17, 2022 Board meeting, and the third round will have a deadline
of April 14, 2022 with potential awards being considered at the May 12, 2022
Board meeting. We will be expanding other outreach to stakeholders and are
pursuing any opportunities to speak at conferences and that includes an
upcoming meeting with managers of the Rural Electric Cooperative. Stephanie
Weisenbach asked if there were questions, but there were no questions.
Adoption of Amendments to 261 Iowa Administrative Code Chapters 403
and 405 and a new Chapter 406, Energy Infrastructure Revolving Loan

Program – Attachment B
Lisa Connell explained the rule changes as well as a new rule chapter. The
amendments relate to the rules regarding the committees of this board and also
clarifies the discontinuation of the prior loan program and then the new chapter
implements the new program. You saw these for the first time in August. After
that approval made in August, there was a Notice of Intended Action which was
published on August 25. We did not receive any formal public comments, but
Stephanie has continued her stakeholder engagement since publication of the
notice resulting in the following proposed changes:
(1) Remove foreign-owned businesses from the list of ineligible borrowers;
(2) Include borrower labor related to site prep, construction, or installation
as an eligible cost and clarify that other/unrelated employee salaries are
not eligible costs.

Lisa Connell stated if this Board approves the rules, she will file them today and
they will become effective today and that then allows us that program launch
starting October 1st. Ms. Connell asked if there were any questions about the
rules in general; no questions were asked.
Motion by Stuart Anderson
Motion I move to adopt amendments to 261 Iowa Administrative
Code Chapters 403 and 405 and proposing a new Chapter
406, Energy Infrastructure Revolving Loan Program.
Second Dr. Craig Just
Voice Vote All ayes in favor. Motion approved.
Approve Policies and Procedures for EIRLP – Attachment C
Stephanie Weisenbach explained we have policies and procedures before you
today that are required based on the rules that you have approved and these
policies and procedures outline some factors and details from the rules for
applicants and others to have available as a kind of lay person friendly
document, in addition to some other limitations that the board may want to have
in place. IEDA staff have drafted policies and procedures that fulfill the following
requirements.

1. The IEC Board may approve up to $5 million in new loans per quarter.

2. Three scoring criteria were established on economic impact, creative or
innovative approach, and the need for assistance to reduce project risk.
Any project funded would need to demonstrate at least one of these
criteria can be met, but the criteria will be used if demand for loans
exceeds funds allocated.

3. The IEC will offer a 2% interest rate to applicants. Any deviation from
this rate will be part of the Loan Committee’s recommendation to the IEC
Board and determined by specified factors such as the loan term, project
risk or cash flow.

We have met with the loan committee and discussed the policies and
procedures and when they are completed and finalized, they will be posted to
the program webpage and also available to applicants on IowaGrants.gov.

Stephanie Weisenbach went through the Policies and Procedures Handbook.
Ms. Weisenbach asked if anyone had any questions or comments but there
were no questions or comments.

Motion by Gul Kremer-Okudan
Motion I move to approve EIRLP Policies and Procedures dated
September 30, 2021.
Second Rick Olesen
Voice Vote All ayes in favor. Motion approved.

Appointment to Loan Committee – Attachment D
Lisa Connell stated that Dr. Craig Just was appointed to the Board in July 2021
and is willing to serve as a member of the loan committee.
Motion by Dan Nickey
Motion I move to appoint Dr. Craig Just to the loan committee
through June 30, 2022.
Second Rick Olesen
Voice Vote All ayes in favor. Motion approved.

Competitive Grant Program
Grant Modification Request – 17-IEC-015 – Attachment E
Amber Buckingham explained that we received a request from Iowa State
University to amend our last inherited grant which is 17-IEC-015, Rapid
Autothermal Pyrolysis of Lignocellulose Wastes to Sugars and Other Biobased
Products. The graduated student working on this project graduated in May 2021
and this project is slated to end December 31, 2021, so ISU feels it’s too late for
another student to step into the project and get up-to-speed before the end date.
Iowa State University would like to use a staff engineer and scientist to complete
the work originally assigned to the graduated student.

ISU is requesting to move a total of $22,301 from the student tuition line item to
the following line items: salaries and wages ($1,000), payroll benefits ($7,950)
and supplies/materials $13,350). This request is considered substantive (over
$10,000) and therefore requires Board approval. Staff recommends approving
the amendments to 17-IEC-015; moving the requested funds from student tuition
to salaries and wages, payroll benefits and supplies/materials.
Motion by Dan Nickey
Motion I move to approve amendment to 17-IEC-015.
Second Craig Just
Voice Vote All ayes in favor. Motion approved.

Other Business
Troy DeJoode asked Brian Selinger to give an Energy Office update.
Energy Office Updates

Brian Selinger thanked the Board for joining us today for a Special Board
meeting in between the Quarterly Board meeting. We appreciate your time and effort here.
Brian Selinger stated that as it relates to the Governor’s Iowa Carbon
Sequestration Task Force, another thank you to those Board members who are
either members of a workgroup or the Task Force. There have been numerous
meetings and more meetings that are scheduled, but I am really seeing some
interesting synergies and ideas on potential policies and strategies that are
coming forward and we are going to continue to refine and get that down to a
place where we think makes the most sense to take to action. Kudos again for
what you are doing, and we will keep the Board posted as well.
For the November 18th Board meeting, we would love to have you guys come
in-person to our building, if you feel comfortable. If you feel more comfortable
doing it virtually, that’s fine as well. I’m looking forward to seeing you guys soon.

Next Quarterly Board Meeting November 18, 2021 at 1:00 p.m. at IEDA,
1963 Bell Avenue, Suite 200, Des Moines or
via Teams Webinar
Chairperson DeJoode asked for a motion to adjourn.
Motion by Geri Huser
Motion I move to adjourn.
Second Rick Olesen
Adjournment 3:28 p.m.
Respectfully Submitted,
Betty Hessing, Administrative Assistant