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IEDA Board Minutes - March 2019
Iowa Economic Development Authority Board
Meeting Minutes
March 29, 2019
9:30 a.m.
Board Members Present: |
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Jennifer Cooper |
Lisa Hull |
Chris Murray |
Megan McKay |
Linda Crookham-Hansen |
David Bernstein |
Mark Kittrell |
Dan White |
Doane Chilcoat |
Pankaj Monga |
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Ex-Officio Member Present: |
Rob Denson |
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IEDA Staff Present: |
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Rita Grimm |
Terry Roberson |
Debi Durham |
Vicky Clinkscales |
Alaina Santizo |
Kristin Hanks-Bents |
Melanie King |
Paul Stueckradt |
Jenny Klein |
Matt Rasmussen |
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Others Present: |
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Dan McDonald, Greater Dubuque Development |
Steve Shupp, Alliant Energy |
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Kevin Hardy, Des Moines Register |
Brenda Dryer, Ames EDC |
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Mike Lukan, CRMEA |
Adrienne Greenwald, VentureNet |
BOARD chair
- Welcome and Introductions
Iowa Economic Development Authority Board Chair Jennifer Cooper 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: Chris Murray, David Bernstein, Jennifer Cooper, Lisa Hull, Linda Crookham-Hansen, Megan McKay, Dan White, Pankaj Monga, Doane Chilcoat and Mark Kittrell.
IEDA Board member absent: Emily Schmitt.
Ex-officio present: Rob Denson
Approval of Minutes – February 22, 2019 IEDA Board Meeting
MOTION: Megan McKay moved that the IEDA Board approve the minutes of the February 22, 2019 IEDA Board meeting, seconded by Linda Crookham-Hansen. Motion carried unanimously.
Approval of Agenda – March 29, 2019 IEDA Board Meeting
MOTION: Chris Murray moved that the IEDA Board approve the agenda, seconded by Linda Crookham Hanson. Motion carried unanimously.
Public Comment Period: No speakers
Compliance
120 Day Report
3M Company: 60-day extension
Arconic, Inc.: 60-day extension
Smart Ag, Inc.: Rescind award
MOTION: Chris Murray moved that the Iowa Economic Development Authority Board approve extensions of the contract execution deadlines for 3M Company and Arconic, Inc., and rescind the award to Smart Ag, Inc., as recommended by Staff, seconded by David Bernstein. Motion carried unanimously.
Compliance Report
Cozzini, LLC: Algona – Request for Contract Termination and Negotiated Settlement
MOTION: Mark Kittrell moved that the Economic Development Authority Board approve a request for a negotiated settlement pursuant to which Cozzini, LLC, would repay 10.35% of claimed tax credit benefits and forgo remaining unclaimed tax credit benefits, seconded by David Bernstein. Motion carried unanimously.
Iowa Brewing Company: Cedar Rapids – Request to Amend Contract Terms
MOTION: Lisa Hull moved that the Economic Development Authority Board approve the request for an 18-month extension of the Project Completion Date, seconded by Chris Murray. Motion carried unanimously.
KLM Acquisition, dba Aluma Ltd.: Bancroft – Request to Amend Contract Terms
MOTION: Chris Murray moved that the Economic Development Authority Board approve the request for a twelve-month extension of the Project Completion Date, seconded by Lisa Hull. Motion carried unanimously.
Xpanxion, LLC: Ames – Request to Terminate Contract
MOTION: Chris Murray moved that the Economic Development Authority Board approve the request to terminate the contract with no funds disbursed, seconded by David Bernstein. Motion carried unanimously.
TCC Amendment Requests
RAMDO Solutions, LLC: Iowa City – Request to Amend Contract Terms
MOTION: David Bernstein moved that the Economic Development Authority Board deny the request to allow the Business to continue to make monthly payments and postpone the balloon payment for 6 to 12 months and approve payment restructuring by amortizing the balloon payment over 12 months at 3% interest with the first payment due April 1, 2019, seconded by Mark Kittrell. Motion carried unanimously.
Icon Laboratories, Inc.: West Des Moines – Request to Amend Contract Terms
MOTION: Chris Murray moved that the Economic Development Authority Board approve the request to defer payments for 6 months, seconded by Linda Crookham-Hansen. Motion carried unanimously.
MetaCommunications, Inc.: Iowa City – Request to Amend Contract Terms
MOTION: David Bernstein moved that the Economic Development Authority Board deny the request to suspend payments until August 2019, seconded by Chris Murray. Motion carried unanimously.
Financial Assistance Application
Iowa Fluid Power, Electro-Hydraulic Automation, and Blairs Buildings, LLC: Cedar Rapids
MOTION: David Bernstein moved that the Economic Development Authority Board approve awarding a maximum of $72,000 in Investment Tax Credits; a maximum of $52,500 in Sales, Service and Use Tax Refund; and a maximum of $43,500 in Research Activities Credit, seconded by Chris Murray. Roll Call was taken. Motion carried unanimously.
TCC RECOMMENDATIONS
SBIR/STTR Outreach Program
Cellular Engineering Technologies NSF
Cellular Engineering Technologies NIH
iotaMotion, Inc.
KCR2 dba Time Redesigned
Predelix Medical LLC
Creodyne, LLC
SAFI-Tech, Inc.
Fluid Xchange Solutions, LLC
YieldLogic LLC
Culver Engineering LLC
Exogene Bio, LLC
Multiphase Flow Research
TLA M.D. LLC
Advanced Infoneering Inc.
Clipse Therapeutics
Time ReDesigned
DNP123
MOTION: David Bernstein moved that the Iowa Economic Development Authority Board award up to $50,000 to each business listed above, $25,000 upon receipt of SBIR/STTR award and $25,000 upon submission of Phase II proposal during the 12-month period after the date of the IEDA Board approval, seconded by Chris Murray. Motion carried unanimously.
True 360, Inc. - Ames
MOTION: David Bernstein moved that the Iowa Economic Development Authority Board approve a $25,000 Proof of Commercial Relevance (POCR) loan to be repaid through royalty payments of 3% of total gross revenue for a calendar year with each payment due June 1 of the following calendar year, seconded by Mark Kittrell. Motion carried unanimously.
Aronson Woodworks, LLC - Prole
MOTION: Chris Murray moved that the Iowa Economic Development Authority Board approve a $100,000 Demonstration Fund loan to be repaid over 5 years with a 3% interest rate and a 6-month deferral of the first loan payment, seconded by David Bernstein. Motion carried unanimously.
FarrPro, Inc. – Iowa City
MOTION: Chris Murray moved that the Iowa Economic Development Authority Board approve a $100,000 Demonstration Fund award to be repaid through royalty payments at 1.33 times the award amount paid back 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 Mark Kittrell. Motion carried unanimously.
SAFI-Tech, Inc. - Ames
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board approve a $100,000 Demonstration Fund award to be repaid through royalty payments at 1.33 times the award amount paid back 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 Chris Murray. Motion carried unanimously.
Mobile M2M, Inc. – Cedar Rapids
MOTION: Chris Murray moved that the Iowa Economic Development Authority Board approve a $25,000 POCR award paid back at 3% of total gross revenue for a calendar year with each payment due June 1 of the following calendar year, seconded by Lisa Hull. Motion carried unanimously.
INNOVATION FUND INVESTMENT TAX CREDIT
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board approve the issuance of 29 Tax Credit Certificates as recommended by IEDA Staff, seconded by Megan McKay. Motion carried unanimously.
BROWNFIELDS AND GRAYFIELDS REDEVELOPMENT TAX CREDIT PROGRAM
Waverly Childcare and Preschool
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board accept the recommendation to approve amending Contract 17-BTC-12 to extend the project completion period from 30 to 60 months, seconded by Chris Murray. Motion carried unanimously.
Other Business
The next IEDA Board meeting will be held on Friday, April 19, 2019 at 9:30 a.m.
Adjournment
There being no further business at the meeting of the IEDA Board,
MOTION: Lisa Hull moved that the IEDA Board adjourn, seconded by Linda Crookham-Hansen. Motion carried unanimously. Meeting adjourned at 10:44 a.m.
Melanie King Jennifer Cooper
IEDA Board Administrator IEDA Board Chair