Our Agency

IEDA Board Minutes - March 2019

Iowa Economic Development Authority Board

Meeting Minutes

March 29, 2019

9:30 a.m.

Board Members Present:

Jennifer Cooper

Lisa Hull

Chris Murray

Megan McKay

Linda Crookham-Hansen

David Bernstein

Mark Kittrell

Dan White

Doane Chilcoat

Pankaj Monga

Ex-Officio Member Present:

Rob Denson

IEDA Staff Present:

Rita Grimm

Terry Roberson

Debi Durham

Vicky Clinkscales

Alaina Santizo

Kristin Hanks-Bents

Melanie King

Paul Stueckradt

Jenny Klein

Matt Rasmussen

Others Present:

Dan McDonald, Greater Dubuque Development

Steve Shupp, Alliant Energy

Kevin Hardy, Des Moines Register

Brenda Dryer, Ames EDC

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 PeriodNo 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

MOTIONChris 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

;