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Iowa Economic Development Authority
Board of Directors Meeting Minutes
January 17, 2020 9:30 a.m.

Board Members Present: Jennifer Cooper Linda Crookham-Hansen Lisa Hull Megan McKay Lisa Shimkat Doane Chilcoat Pankaj Monga Tom Townsend Chris Murray

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

IEDA Staff Present: Debi Durham Rita Grimm Rick Peterson Rob Christensen Terry Roberson Matt Rasmussen Betty Hessing Jill Lippincott Alaina Santizo Jessica O’Riley Melanie King Maicie Pohlman Kanan Kappelman Paul Stueckradt Katie Rockey Jenny Klein Vicky Clinkscales Ryan Young Brian Selinger

BOARD CHAIR
Welcome and Introductions
Iowa Economic Development Authority Board Chair Chris Murray called to order the meeting of the IEDA Board at 9:31 a.m.
Roll Call
A quorum of the Board was established with the following Board members present: Jennifer Cooper, Lisa Hull, Chris Murray, Linda Crookham-Hansen, Megan McKay, Doane Chilcoat, Tom Townsend, Lisa Shimkat and Pankaj Monga Ex-officio members present: Rob Denson, David Barker, Kenan Judge and Brian Lohse

Approval of Minutes – December 20, 2019 IEDA Board Meeting
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board approve the minutes of the December 20, 2019 IEDA Board meeting, seconded by Jennifer Cooper. Motion carried unanimously.

Approval of Agenda – January 17, 2020 IEDA Board Meeting
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve the agenda for the January 17, 2020 IEDA Board meeting, seconded by Megan McKay. Motion carried unanimously.

PUBLIC COMMENT PERIOD: No comments were made.

CONSENT AGENDA
Compliance 120 Day Report Request to Amend District Boundary: Mason City
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board accept the recommendations of the DDC regarding items on the Consent Agenda, seconded by Megan McKay. Motion carried unanimously.

2 TCC AMENDMENT REQUESTS
Kimle Aquaculture, LLC: Ames
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board accept the recommendation of the TCC to approve the request to amend the budget and remove as a condition of disbursement that the business raise $900,000 but include as condition of disbursement that the business provide a minimum of one year detailed financial plan with revenue and expenses clearly set out, seconded by Jennifer Cooper. Motion carried unanimously.

Foundations in Learning, LLC: Iowa City
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board accept the recommendation of the TCC to defer action on the request to refinance the loan by deferring the balloon payment that is due to the March 2020 meeting and require the business to continue to make monthly payments and provide additional documentation and information prior to the March TCC meeting, seconded by Megan McKay. Motion carried unanimously.

FINANCIAL ASSISTANCE APPLICATION
ConAgra Foods Packaged Foods, LLC: Fort Madison
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board approve the recommendation of the DDC to award a maximum of $1,276,000 in Investment Tax Credits, seconded by Jennifer Cooper. Roll Call vote was taken. Motion carried unanimously.

TCC RECOMMENDATIONS
SBIR/STTR Outreach Program
NanoMedTrix, LLC
Accelerated Ag Technologies, LLC (Power Pollen)
NISTRON, LLC
Omni Analytics Group, LLC
Td Vib, LLC
Viewpoint Molecular Targeting
NeoVaxSyn, Inc. NIH (SBIR) Project NeoVaxSyn, Inc. NIH (STTR)
Project Clipse Therapeutics
Immortagen, Inc.
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to award up to $25,000 to Viewpoint Molecular Targeting and up to $50,000 to each of the other businesses listed above, $25,000 upon receipt of an SBIR or STTR award and $25,000 upon submission of a Phase II proposal during the 12-month period after the date of IEDA Board approval, seconded by Megan McKay. Motion carried unanimously.

Home Painter: Altoona
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to deny the application for a $100,000 Demonstration Fund award, seconded by Megan McKay. Motion carried unanimously.

Malum, Inc.: Iowa City
MOTION: Megan McKay moved, seconded by Jennifer Cooper, that the Iowa Economic Development Authority Board approve the recommendation of the TCC to award a $100,000 Demonstration Fund loan with terms as follows: the award amount paid back at an interest rate of 3%, a five year loan term, and a 6 month deferral, contingent upon having a full-time CEO in place and provided that the funds are not used for beta testing but are instead applied to Demo Fund eligible expenses and provided that repayment in full is required upon closing one or more funding rounds in the future, the aggregate total of which is $1 million or more. Motion carried unanimously.

3 Skilled Day: West Liberty
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to approve a $25,000 Proof of Commercial Relevance loan with terms as follows: repayment amount is 1 times the award amount paid back at a royalty rate of 3% of total gross revenue for a calendar year with each payment due on June 1 of the following year, seconded by Megan McKay. Motion carried unanimously.

Skroot Laboratory: Ames
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to award a $25,000 Proof of Commercial Relevance (POCR) loan with standard POCR royalty terms: repayment amount is 1 times the award amount to be repaid at a royalty rate of 3% of total gross revenue for a calendar year with each payment due June 1 of the following calendar year, seconded by Jennifer Cooper. Motion carried unanimously.

Virtual Insurance Tools: West Des Moines
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to award a $100,000 Demonstration with terms as follows: 3% rate of interest, five-year loan term and a six-month deferral of the first payment, seconded by Jennifer Cooper. Motion carried unanimously.

REDEVELOPMENT TAX CREDIT PROGRAM FOR BROWNFIELDS AND GRAYFIELDS
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board approve the request to amend the contract to extend the project completion period from 30 to 67 months for Historic Tama, LLC, seconded by Jennifer Cooper. Motion carried unanimously.

INNOVATION FUND TAX CREDIT
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve applications for issuance of 25 tax credit certificates, seconded by Megan McKay. Motion carried unanimously.

VENDOR AND CONTRACT MAXIMUM APPROVAL
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve entering a professional services contract with Synapse Energy Economics, Inc. in the maximum amount of $92,929 to develop the Iowa Energy Storage Economic Development Assessment, seconded by Megan McKay. Motion carried unanimously.

OTHER BUSINESS
The next IEDA Board meeting will be held on Friday, February 21, 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: Megan McKay moved that the IEDA Board adjourn, seconded by Jennifer Cooper. Motion carried unanimously. Meeting adjourned at 10:10 a.m.


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