Our Agency

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

Ex-Officio Members Present:
David Barker, Rep. Phil Thompson, Rob Denson (joined at 10:02 am)

Absent Ex-Officio Members:
Sen. Carrie Koelker, Rep Kenan Judge, Sen. Liz Mathis

IEDA Staff Present:
Sonya Bacon
Debi Durham
Kanan Kappelman
Alaina Santizo
Maicie Pohlman
Others Present:
Cindy Harris, IFA
John Steep
Rob Christensen
Rita Grimm
Rick Peterson
Paul Stueckradt
Vicky Clinkscales
Melissa Harshbarger
Terry Roberson
Deanna Triplett
Lisa Connell
Emily Hockins
Katie Rockey
Staci Hupp-Ballard

BOARD CHAIR
• Welcome
Iowa Economic Development Authority Board Chair Chris Murray called to order the
meeting of the IEDA Board at 9:42 a.m.
Roll Call and Introductions A quorum of the IEDA Board was established with the following Board members present: Chris Murray, Megan McKay, Jennifer Cooper, Linda Crookham-Hansen, Lisa Hull, Mark Kittrell, Doane Chilcoat, Emily Schmitt, Lisa Shimkat, Pankaj Monga and Tom Townsend. 
Ex-officio members present: David Barker, Representative Phil Thompson and Rob Denson
Approval of Minutes - February 19, 2021 IEDA Meeting
MOTION: Lisa Shimkat moved that the IEDA Board approve the minutes of the February 19, 2021
IEDA Board meeting, seconded by Lisa Hull. Motion carried unanimously.
Approval of Agenda - March 19, 2021 IEDA Meeting
MOTION: Lisa Shimkat moved that the IEDA Board approve the agenda for the March 19, 2021 IEDA Board meeting, seconded by Mark Kittrell. Motion carried unanimously.
PUBLIC COMMENT PERIOD: No comments were made.

COMPLIANCE - CONSENT AGENDA
A. 120 Day Report
B. Compliance Report
General Mills Operations, LLC and GM Cereal Properties, Inc. - Request to Amend Budget and
Tax Incentives and Add Entity to Contract.
3M Company - Request to Extend Project Completion Date.
Geater Machining and Manufacturing Co. - Request to Extend Project Completion Date.
HSGBS, Inc. dba Marion Process Solutions - Request to Extend Project Completion Date.
Novae Corporation - Request to Extend Project Completion Date.
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board approve
the recommendations of the DDC regarding items A and B on the Consent Agenda, seconded by
Lisa Shimkat. Motion carried unanimously.

COMPLIANCE - TCC RECOMMENDATION
Accelerated Ag Technologies DBA PowerPollen
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to amend contract terms by deferring the balloon payment for 24 months and requiring the business to continue to make monthly payments during the deferral period, seconded by Pankaj Monga. Motion carried unanimously.

FINANCIAL ASSISTANCE APPLICATIONS
Centro, Inc. - Cascade
MOTION: Lisa Hull moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC to award a maximum of $117,284 in Investment Tax Credits and a maximum of $20,812 in Sales, Services, Use Tax Refund, seconded by Lisa Shimkat. Roll Call vote was taken. Motion carried unanimously.
First Capitol Baking Company - Burlington
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC to award a maximum of $339,754 in Targeted Jobs Withholding Credits, seconded by Emily Schmitt. Roll Call vote was taken. Motion carried unanimously.
Innovative Injection Technologies - West Des Moines
MOTION: Linda Crookham-Hansen moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC to award a maximum of $360,000 in Investment Tax Credits and a maximum of $171,000 in Sales, Service, Use Tax Refund, seconded by Lisa Shimkat. Roll Call vote was taken. Motion carried unanimously.
Ironwood 53 LLC and Whitetail Holdings, LLC-Sioux City
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC to award a maximum of $119,543 in Investment Tax Credits, a maximum of $56,160 in Sales, Service, Use Tax Refund and a maximum of $25,250 in Research Activities Credits, seconded by Emily Schmitt. Roll Call vote was taken. Motion carried unanimously.
Underground Magnetics, Inc. and Blue Tree, LLC-Johnston
MOTION: Lisa Hull moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC to award a maximum of $144,000 in Investment Tax Credits and a maximum of $216,000 in Sales, Service, Use Tax Refund, seconded by Lisa Shimkat. Roll Call vote was taken. Motion carried unanimously.
Emily Schmitt disclosed conflicts of interest that necessitated recusal from discussion and voting on applications for financial assistance submitted by Verbio and Rantizo. See attached E-Mail exchange. She was placed in a separate Teams "room" within Teams, at 9:57 a.m.
Verbio - Nevada
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC to award a maximum of $2,400,000 in Investment Tax Credits and a maximum of $150,000 in Sales, Service, Use Tax Refunds, seconded by Megan McKay. Roll Call vote was taken of all Board members present. Motion carried unanimously.
Pankaj Monga disclosed a conflict of interest that necessitated recusal from discussion and voting on the application for financial assistance submitted by Rantizo, Inc.. See attached E-Mail exchange. He was placed in a separate Teams "room" at 9:59 am.
Rantizo, Inc. - Iowa City
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC to award a maximum of $12,720 in Investment Tax Credits, a maximum of $9,000 in Sales,  Services, Use Tax Refund and a maximum of $25,000 in Research Activities Credits, seconded by Tom Townsend. Roll Call vote was taken of all Board members present. Motion carried unanimously.
Emily Schmitt and Pankaj Monga both returned to the meeting at 10:01 am.

TCC RECOMMENDATIONS
SBIR/STTR Outreach Program
Theion Ag Zymosense, Inc.
Bio:Neos
Cartilagen
Somtheranostics Corp.
Super Bio
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC and award up to $50,000 to each of the other businesses listed above, $25,000 upon receipt of a 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 Lisa Shimkat.
Motion carried unanimously.
Integrated Behavioral Health Services DBA Classroom Clinic 
MOTION: Pankaj Monga 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 standard POCR royalty terms: repayment amount is 1 times the award amount paid back at a royalty rate of 3% of total gross revenue, which does not include grant funds, for a calendar year with each payment due on June 1st of the following calendar year, seconded by Lisa Shimkat. Motion carried unanimously.
FBB BioMed
MOTION: Pankaj Monga moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to deny the application for a Demonstration Fund award and approve a $25,000 Investigative Proof of Commercial Relevance loan with standard IPOCR royalty terms: repayment amount is 1 times the award amount paid pack at a royalty rate of 3% of total gross revenue, which does not include grant funds, for a calendar year, with each payment on June 1st of the following calendar year, seconded by Mark Kittrell. Motion carried unanimously.

Deetz, Inc.
MOTION: Pankaj Monga moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to approve a $100,000 Demonstration Fund award with standard Demonstration Fund royalty terms: repayment of 1.33 times award amount paid back at a royalty rate of 3% based on prior-year total gross revenue, which does not include grant funds, for a calendar year, with each payment due on June 1st of the following calendar year, seconded by Mark Kittrell. Motion carried unanimously.
Eagle's Catch
MOTION: Pankaj Monga moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to deny the application for an Innovation Acceleration Propel Fund loan and defer repayment of the Demonstration Fund loan through March 2022, with the first payment due April 1, 2022, seconded by Linda Crookham-Hansen. Motion carried unanimously.

IOWA INNOVATION COUNCIL MEMBER APPOINTMENT
Iowa Innovation Council (IIC) Member Appointment
MOTION: Lisa Shimkat moved that the Iowa Economic Development Authority Board appoint Casey Jahn to the IIC to complete a term ending April 30, 2022 as recommended by the ICC Executive Committee, seconded by Doane Chilcoat. Motion carried unanimously.
BROWNFIELD/GRAYFIELD REDEVELOPMENT TAX CREDIT PROGRAM
Contract 18-BTC-18
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve amending Contract 18-BTC-18 to extend the project completion period from 30 to 41 months, seconded by Linda Crookham-Hansen. Motion carried unanimously.

INNOVATION FUND INVESTMENT TAX CREDIT PROGRAM
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board approve Applications for Issuance of 33 Tax Credit Certificates, seconded by Emily Schmitt. Motion carried unanimously.

OTHER BUSINESS
The next IEDA Board meeting will be held on Friday, April 16, 2021 at 9:15 a.m.

ADJOURNMENT
There being no further business at the meeting of the Iowa Economic Development Authority Board,
MOTION: Tom Townsend moved that the IEDA Board adjourn, seconded by Doane Chilcoat. Motion carried unanimously. Meeting adjourned at 10:30 a.m.