Our Agency

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

Board Members Absent:
Doane Chilcoat, Lisa Shimkat

Ex-Officio Members Present:
David Barker

Ex-Officio Members Absent:
Senator Carrie Koelker, Senator Liz Mathis, Representative Steve Hansen, Representative Phil Thompson

IEDA Staff Present:
Megan Andrew, Rita Grimm, Rick Peterson, Alaina Santizo, Sonya Bacon, Melissa Harshbarger, Maicie Pohlman, Paul Stueckradt, Rob Christensen, Kanan Kappelman, Terry Roberson, Lisa Connell, Jill Lippincott, Katie Rockey

Others Present:
Cindy Harris Peggy Kerr, Noel Anderson (joined at 10:01 am), Amy Ziegler Brian Sullivan

BOARD CHAIR
• Welcome
Iowa Economic Development Authority Board Chair Megan McKay called to order the
meeting of the IEDA Board at 9:48 a.m.

• Roll Call and Introductions
A quorum of the IEDA Board was established with the following Board members present:
Megan McKay, Chris Murray, Jennifer Cooper, Linda Crookham-Hansen, Lisa Hull, Mark
Kittrell, Pankaj Monga and Emily Schmitt.
Ex-officio member present: David Barker

Approval of Minutes - April 19, 2021 IEDA Meeting
MOTION: Mark Kittrell moved that the IEDA Board approve the minutes of the April 19, 2021 IEDA
Board meeting, seconded by Chris Murray. Motion carried unanimously.
Approval of Agenda - May 21, 2021 IEDA Meeting
MOTION: Chris Murray moved that the IEDA Board approve the agenda for the May 21, 2021 IEDA
Board meeting, seconded by Lisa Hull. Motion carried unanimously.

PUBLIC COMMENT PERIOD: No comments were made.

COMPLIANCE - CONSENT AGENDA
A. 120 Day Report
B. Compliance Report
Custom-Pak, Inc. - Request for Negotiated Settlement.
Wells Enterprises, Inc. - Request to Extend Project Completion Date.
Diamond V Mills, Inc., DV Technologies, Inc. and Cargill, Inc. - Request for Contract Termination.
Highway Equipment Company - Request for Contract Termination.
United States Pipe and Foundry Company, LLC- Request for Contract Termination.
MOTION: Linda Crookham-Hansen 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 Chris Murray. Motion carried unanimously.

COMPLIANCE -TCC RECOMMENDATIONS
Foundations in Learning
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve the
recommendation of the TCC to refinance the loan by amortizing the balloon payment due in July
2021 over 24 monthly payments, seconded by Mark Kittrell. Motion carried unanimously.

FINANCIAL ASSISTANCE APPLICATIONS
Alliance Outdoor Group, Inc.: Centerville
MOTION: Chris Murray moved that the Iowa Economic Development Authority Board accept the
recommendation of the DDC to award a maximum of $75,000 in Forgivable Loan, a maximum of
$75,000 in 5-year 0% Loan, a maximum of $96,815 in Investment Tax Credit and a maximum of
$50,709 in Sales, Service, and Use Tax Refund, seconded by Linda Crookham-Hansen. Roll Call vote was taken. Motion carried unanimously.

Archer Daniels Midland Company (ADM): Clinton
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC to award a maximum of $1,000,000 in Investment Tax Credit, seconded by Lisa Hull. Roll Call vote was taken. Motion carried unanimously.
Bazooka Farmstar, Inc.: Washington
MOTION: Emily Schmitt moved that the Iowa Economic Development Authority Board accept the
recommendation of the DDC to award a maximum of $300,000 in Investment Tax Credit and a
maximum of $90,000 in Sales, Service, and Use Tax Refund, seconded by Mark Kittrell. Roll Call vote was taken. Motion carried unanimously.

Big River Packaging, Inc. (BRP): Clinton
MOTION: Linda Crookham-Hansen moved that the Iowa Economic Development Authority Board
accept the recommendation of the DDC to award a maximum of $129,750 in Investment Tax Credit
and a maximum of $108,000 in Sales, Services, and Use Tax Refund, seconded by Jennifer Cooper.
Roll Call vote was taken. Motion carried unanimously.

CPM Acquisition Corporation: Waterloo
MOTION: Linda Crookham-Hansen moved that the Iowa Economic Development Authority Board
accept the recommendation of the DDC to award a maximum of $196,000 in Investment Tax Credit
and a maximum of $405,000 in Sales, Service, and Use Tax Refund, seconded by Mark Kittrell. Roll Call vote was taken. Motion carried unanimously.

IFF (Danisco, Inc. a subsidiary of International Flavors & Fragrances): Cedar Rapids
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board accept the
recommendation of the DDC to award a maximum of $281,980 in Investment Tax Credit, a maximum of $330,398 in Sales, Services, and Use Tax Refund and a maximum of $73,497 in Research Activities Credit, seconded by Linda Crookham-Hansen. Roll Call vote was taken. Motion carried unanimously.

Mid-Am Building Supply, Inc./Knaebel's, Inc.: Mt. Pleasant
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC and award a maximum of $220,500 in Sales, Service, and Use Tax
Refund, seconded by Chris Murray. Roll Call vote was taken. Motion carried unanimously.

Perfect Flight: Ames
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC and award a maximum of $250,000 in Forgivable Loan, a maximum of $22,000 in Investment Tax Credit, a maximum of $9,600 in Sales, Service, and Use Tax Refund and a maximum of $37,500 in Research Activities Credit, contingent upon implementation of a sufficient benefits plan and obtaining a Federal Identification Number, seconded by Lisa Hull. Roll call vote was taken. Motion carried unanimously.

Premier Tech Prairie, Inc.: Urbandale
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board accept the
recommendation of the DDC and award a maximum of $100,000 Forgivable Loan, a maximum of
$313,000 in Investment Tax Credit and a maximum of $102,000 in Sales, Service, and Use Tax
Refund, seconded by Linda Crookham-Hansen. Roll Call vote was taken. Motion carried unanimously.

TCC RECOMMENDATIONS
SBIR/STTR Outreach Program
Firefly Photonics
LIRECAP
pxAlpha
Viewpoint Molecular Targeting (Direct to Phase II - $25,000 Award)
Zymosense, Inc.
Armorloy
Rosenberg Solutions
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board approve the
recommendation of the TCC and award $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 Chris Murray. Motion carried unanimously.

Groma
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 Chris Murray. Motion carried unanimously.

Iowa Simulation Solutions
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 Mark Kittrell. Motion carried unanimously.

Line Call
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 Chris Murray. Motion carried unanimously.

ReEnvision Ag
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 Jennifer Cooper. Motion carried unanimously.

Continuum Ag
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 loan terms: 3% rate of interest, a 5-year loan term and a 6-month deferral,
seconded by Chris Murray. Motion carried unanimously. 

Skroot Laboratory
MOTION: Pankaj Monga moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to approve a $125,000 Demonstration Fund award with standard
Demonstration Fund royalty terms: repayment of 1.33 times award amount and 3% royalty rate
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.
Pankaj Monga disclosed a conflict of interest that necessitated recusal from discussion and voting on applications for financial assistance submitted by Apollo Technologies DBA OpenLoop. See the attached Email exchange. Mr. Monga was placed in a Teams "holding room" at 10:18 am.

Apollo Technologies DBA OpenLoop
MOTION: Lisa Hull 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 loan terms: 3% rate of interest, a 5-year loan term and a 6-month deferral,
seconded by Mark Kittrell. Motion carried unanimously.
Pankaj Monga returned to the meeting at 10:19 a.m.

AMENDMENTS TO RULES
Adopt Amendments to Uniform Waiver and Variance Rules, 261 Iowa Administrative Code Chapter 199
MOTION: Chris Murray moved that the Iowa Economic Development Authority Board adopt
amendments to Uniform Waiver and Variance Rules, 261 Iowa IAC 199, seconded by Linda
Crookham-Hansen. Motion carried unanimously.

Adopt Amendments to Rural Housing Needs Assessment Grant Program Rules, 261 IAC 220
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board adopt
amendments to Rural Housing Needs Assessment Grant Program Rules, 261 IAC 220, seconded by
Lisa Hull. Motion carried unanimously.
Adopt Amendments for Petitions for Rule Making, 251 IAC 197, and Rescind 261 IAC 411 and 412
MOTION: Chris Murray moved that the Iowa Economic Development Authority Board adopt
amendments to Petitions for Rule Making, 251 IAC 197, and rescind 261 IAC 411 and 412, seconded by Linda Crookham-Hansen. Motion carried unanimously.

INNOVATION FUND INVESTMENT TAX CREDIT PROGRAM
MOTION: Chris Murray moved that the Iowa Economic Development Authority Board approve
Applications for Issuance of 12 Tax Credit Certificates, seconded by Mark Kittrell. Motion carried
unanimously.

TECHNOLOGY AND COMMERCIALIZATION COMMITTEE MEMBER APPOINTMENTS
MOTION: Chris Murray moved that the Iowa Economic Development Authority Board approve the staff recommendation to reappoint Emily Harris, General Counsel of Metabolic Technologies, LLC, and Hank Norem, President of Ramco Innovations, to terms ending December 31, 2023, seconded by Pankaj Monga. Motion carried unanimously.

VENDOR APPROVAL
MOTION: Chris Murray moved that the Iowa Economic Development Authority Board approve
entering into contracts for FY2022 with the following vendors for maximum amounts as listed:
International Experts BMC Mexico SC dba Global BMT, $120,000; Tractus Asia Ltd. $251,325; Orissa International Pte. Ltd., $91,800; Covered Bridge Consulting LLC, $84,000; Venture Net Iowa LLC, $510,000; CDS Global Inc., $160,000; and Coraggio Group., $144,899, seconded by Mark Kittrell. Motion carried unanimously.

OTHER BUSINESS
The next IEDA Board meeting will be held on Friday, June 18, 2021 at 9:15 a.m.

ADJOURNMENT
There being no further business at the meeting of the Iowa Economic Development Authority Board,
MOTION: Mark Kittrell moved that the IEDA Board adjourn, seconded by Lisa Hull. Motion carried unanimously. Meeting adjourned at 10:33 a.m.

Sonya Bacon
Board Administrator

Megan McKay
IEDA Board Chair