Our Agency

Iowa Economic Development Authority
Telephonic Board Meeting Meeting Minutes
May 22, 2020 9:15 a.m.

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

Ex-Officio Members Present by telephone: Kenan Judge David Barker

IEDA Staff Present by telephone: 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 Emily Hawkins Staci Hupp Ballard

Others Present by telephone: Cindy Harris, Iowa Finance Authority

BOARD CHAIR
Welcome and Introductions
Iowa Economic Development Authority Board Chair Chris Murray called to order the meeting of the IEDA Board meeting at 9:17 a.m.

Roll Call
A quorum of the IEDA Board was established with the following Board members present: Megan McKay, Jennifer Cooper, Chris Murray, Linda Crookham-Hansen, Lisa Hull Emily Schmitt, Tom Townsend, Pankaj Monga, Doane Chilcoat and Lisa Shimkat Ex-officio members present: David Barker and Kenan Judge

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

Approval of Agenda – May 22, 2020 IEDA Meeting
MOTION: Lisa Hull moved that the IEDA approve the agenda for the May 22, 2020 IEDA Board meeting, seconded by Jennifer Cooper. Motion carried unanimously.

PUBLIC COMMENT PERIOD
No comments were made.

CONSENT AGENDA
120 Day Report
Hormel Foods Corporation, Progressive Processing, LLC – 60-day extension
Lincoln Savings Bank – 60-day extension
163 Properties Corp. and Lely North America – 60-day extension
Worley Warehousing – 30-day extension

COMPLIANCE REPORT
163 Properties Corp. and Lely North America, Inc.: Pella – Request to Amend Contract
Schumacher Company, LC: Durant – Request to Extend Project Completion Date
Flexsteel Industries, Inc.: Dubuque – Request to Terminate Contract

MOTION: Megan McKay moved that the Iowa Economic Development Authority Board accept the recommendations of the DDC regarding the items on the Consent Agenda, seconded by Linda Crookham-Hansen. Motion carried unanimously.

TCC AMENDMENT REQUEST
Board member Pankaj Monga disclosed a conflict of interest matter regarding Higher Learning Technologies, Inc., that necessitates recusal. See the attachment. He left the meeting at 9:23 a.m.

COMPLIANCE
Higher Learning Technologies, Inc. - Coralville
MOTION: Lisa Shimkat moved that the Iowa Economic Development Authority Board accept the recommendation of the TCC to approve the amortization of the balance over 12 months to begin on the original balloon payment due date, seconded by Jennifer Cooper. Motion carried unanimously. Mr. Monga returned to the meeting at 9:25 a.m.

COMPLIANCE
University of Northern Iowa: Cedar Falls – Request to Extend Contract Date
MOTION: Emily Schmitt moved that the Iowa Economic Development Authority Board accept the request to extend the contract end date 12-months to June 30, 2021, seconded by Lisa Hull. Motion carried unanimously.

FINANCIAL ASSISTANCE APPLICATION
Cargill Incorporated: Monroe County
MOTION: Linda Crookham-Hansen moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC to award a maximum of $4,000,000 in Investment Tax Credits and a maximum of $2,000,000 in Sales, Service and Use Tax Refund, seconded by Megan McKay. Roll Call vote was taken. Motion carried. Emily Schmitt abstained.

TCC RECOMMENDATIONS
SBIR/STTR Outreach Program
Geminii Inc.: Iowa City
Firefly Photonics: Iowa City
Classroom Clinic: Breda

MOTION: Pankaj Monga moved that the Iowa Economic Development Authority Board approve the Recommendation of the TCC to award up to $50,000 to each of the 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 Linda Crookham-Hansen. Motion carried unanimously.

Curiosity Labs: Ames
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 terms as follows: repayment amount is 1 times the award amount paid back at a royalty rate of 3% of total 3 gross revenue for a calendar year with each payment due on June 1 of the following year, seconded by Lisa Shimkat. Motion carried unanimously.

Sentinel: Ames
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 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.

FarmHand App LLC.: DeWitt
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 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 Lisa Shimkat. Motion carried unanimously.

Dhakai: Cedar Falls
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 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 Linda Crookham-Hansen. Motion carried unanimously.

VENDOR AND CONTRACT AMOUNT APPROVAL
VentureNet
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve entering into a contract with VentureNet Iowa for a maximum of $510,000 for FY 2021, seconded by Lisa Shimkat. Motion carried unanimously.

Online Small Retailer Marketplace
MOTION: Lisa Shimkat moved that the Iowa Economic Development Authority Board approve entering into a one-year contract with Member Marketplace, Inc. for a maximum of $476,000 to provide a one-stop online shop, ShopIowa.com, for small Iowa retailers, seconded by Megan McKay. Motion carried unanimously.

BROWNFIELDS AND GRAYFIELDS REDEVELOPMENT TAX CREDIT PROGRAM
SLE Investments, LLC: Cedar Rapids
MOTION: Lisa Shimkat moved that the Iowa Economic Development Authority Board approve amending Contract 18-BTC-15 to extend the project completion period from 30 to 36 months, seconded by Jennifer Cooper. Motion carried unanimously.

Motor Mart, LLC: Sioux City
MOTION: Lisa Shimkat moved that the Iowa Economic Development Authority Board approve amending Contract 18-BTC-09 to extend the project completion period from 30 to 39 months, seconded by Jennifer Cooper. Motion carried unanimously.

Bluffs Arts Council: Council Bluffs
MOTION: Linda Crookham-Hansen moved that the Iowa Economic Development Authority Board approve amending Contract 18-BTC-01 to extend the project completion period from 30 to 32 4 months, seconded by Emily Schmitt. Motion carried unanimously.

Dows Opportunity, LLC: Cedar Rapids
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board approve amending Contract 18-BTC-16 to extend the project completion period from 30 to 54 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 6 tax credit certificates, seconded by Jennifer Cooper. Motion carried unanimously.

OTHER BUSINESS
The next IEDA Board meeting will be held telephonically on Friday, June 19, 2020 at 9:15 a.m.

ADJOURNMENT
There being no further business at the meeting of the Iowa Economic Development Authority Board, MOTION: Lisa Hull moved that the IEDA Board adjourn, seconded by Megan McKay. Motion carried unanimously. Meeting adjourned at 10:06 a.m.

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