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IEDA Board Minutes - February 2020

Iowa Economic Development Authority
Board Meeting Minutes
February 21, 2020 9:30 a.m.


Board Members Present: Lisa Shimkat Tom Townsend Emily Schmitt Jennifer Cooper Linda Crookham-Hansen Mark Kittrell Chris Murray Lisa Hull

Ex-Officio Members Present: Jackie Smith David Barker Kenan Judge Brian Lohse Rob Denson

IEDA Staff Present: Debi Durham Rita Grimm Rick Peterson Rob Christensen Vicky Clinkscales Lisa Connell Melissa Harshbarger Jill Lippincott Alaina Santizo Jessica O’Riley Melanie King Maicie Pohlman Kanan Kappelman Paul Stueckradt Katie Rockey Jenny Klein Terry Roberson Matt Rasmussen

Others Present: Dustin Ingram, Ames Economic Development Maureen Miller, Clinton Area Chamber Rick Dickenson, Greater Dubuque Development Erin Cole, Clinton Regional Development Andy Sokolovich, Clinton Regional Development Corp. Kate Hayden, Business Record Tyler Jett, Des Moines Register Cindy Harris, Iowa Finance Authority Jon Darsee, Protostudios, Iowa City Jeff Kueter, Protostudios, Iowa City Neil Quellhorst, Protostudios, Iowa City

BOARD CHAIR
Welcome and Introductions
Iowa Economic Development Authority Board Chair Chris Murray called to order the meeting of the IEDA Board at 9:30 a.m.
Roll Call
A quorum of the Board was established with the following Board members present: Jennifer Cooper, Mark Kittrell, Chris Murray, Linda Crookham-Hansen, Lisa Hull, Emily Schmitt, Tom Townsend and Lisa Shimkat
Ex-officio members present: David Barker, Jackie Smith, Kenan Judge and Brian Lohse

Approval of Minutes – January 17, 2020 IEDA Board Meeting
MOTION: Chris Murray moved that the IEDA Board approve the minutes of the January 17, 2020 IEDA Board meeting, seconded by Linda Crookham-Hansen. Motion carried unanimously.

Approval of Agenda – February 21, 2020 IEDA Board Meeting
MOTION: Linda Crookham-Hansen moved that the IEDA Board approve the agenda for the February 21, 2020 IEDA Board meeting, seconded by Mark Kittrell. Motion carried unanimously.

PUBLIC COMMENT PERIOD:
No comments were made.

CONSENT AGENDA COMPLIANCE
120 Day Report
Northern Tool and Equipment Company – 90-day extension
Weverskade B.V./Lely North America – 90-day extension

Compliance Report
Cargill, Inc.: Monroe County
Weverskade B.V. and Lely North America, Inc.: Pella
Keokuk Mills, LLC: Keokuk 2
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board accept the recommendations of the DDC regarding items on the Consent Agenda, seconded by Tom Townsend. Motion carried unanimously.

FINANCIAL ASSISTANCE APPLICATION
Nestle Purina PetCare Company: Clinton
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board accept the recommendation of the DCC to award a maximum of $4,200,000 in Investment Tax Credits and a maximum of $900,000 in Sales, Service and Use Tax Refund, seconded by Linda Crookham Hansen. Roll Call vote was taken. Motion carried unanimously.

Timken Drives, LLC: Clinton
MOTION: Lisa Hull moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC to award a maximum forgivable loan of $125,000 and a maximum 5- year, 0% loan of $125,000, seconded by Lisa Shimkat. Roll Call vote was taken. Motion carried unanimously.

PROTOSTUDIOS MEDICAL PRINT SERVICE BUREAU
Jon Darsee, Jeff Kueter and Neil Quellhorst gave an overview of Protostudios, a not-for-profit prototyping workshop within the University of Iowa’s Department of Innovation and Economic Development in Iowa City. Ex-officio member, Rob Denson joined the meeting at 10:03 a.m.

STRATEGIC INFRASTRUCTURE PROGRAM APPLICATION
MOTION: Linda Crookham-Hansen moved that the Iowa Economic Development Authority accept the recommendation of the Iowa Innovation Council to approve the request by the University of Iowa for $493,207.76 for the purchase of a J750 DAP 3D printer to be installed at the Medical Printing Bureau, seconded by Lisa Hull. Motion carried unanimously.

ENTREPRENEURIAL INVESTMENT AWARDS PROGRAM RECOMMENDATIONS
MOTION: Mark Kittrell moved that the IEDA Board accept the recommendations of the Entrepreneurial Investment Award (EIA) review panel to approve applications by Creative Adventure Lab, Inc. ($150,000); Iowa’s West Coast Initiative ($185,000); and Iowa Lakes Corridor Development Corporation ($150,000) for grants and; deny the application by Welch Avenue, LLC dba Gravitate for a $99,800 grant, seconded by Linda Crookham-Hansen. Motion carried unanimously.

PROPOSED AMENDMENTS TO RULES
Rural Innovation Grant Program
MOTION: Mark Kittrell moved, seconded by Lisa Shimkat, that the Iowa Economic Development Authority Board adopt new chapter rules for the Rural Innovation Grant Program. Motion carried unanimously.

Rural Housing Assessment Grant Program
MOTION: Tom Townsend moved, seconded by Lisa Hull, that the Iowa Economic Development Authority Board adopt new 261 IAC Chapter 220 rules for the Rural Housing Assessment Grant Program. Motion carried unanimously.

BROWNFIELD AND GRAYFIELD REDEVELOPMENT TAX CREDIT PROGRAM
Riverwatch, LLC 15-BTC-18
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve amending Contract 15-BTC-18 to extend the project completion period from 30 to 83 months and directed Staff to advise the applicant that no further extensions will be granted, seconded by Mark Kittrell. Motion carried unanimously.

3 Louden Senior Housing, LLC 16-BTC-08
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve amending Contract 16-BTC-08 to extend the project completion period from 54 to 60 months, seconded by Linda Crookham-Hansen. Motion carried unanimously.

INNOVATION FUND TAX CREDIT PROGRAM
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board approve applications for issuance of 6 tax credit certificates, seconded by Lisa Hull. Motion carried unanimously.

OTHER BUSINESS
The next IEDA Board meeting will be held on Friday, March 20, 2020 at 9:30 a.m. at 1963 Bell Avenue, Des Moines, IA 50315.

ADJOURNMENT
There being no further business at the meeting of the IEDA Board, MOTION: Lisa Shimkat moved that the IEDA Board adjourn, seconded by Tom Townsend. Motion carried unanimously. Meeting adjourned at 10:43 a.m.

Melanie King, Board Administrator; Chris Murray, IEDA Board Chair

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