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IEDA Board Minutes - November 2019
Iowa Economic Development Authority Board
Meeting Minutes
November 22, 2019
9:30 a.m.
Board Members Present: |
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Jennifer Cooper |
Lisa Hull |
Mark Kittrell |
Megan McKay |
Chris Murray |
Lisa Shimkat |
Doane Chilcoat |
Pankaj Monga |
Ex-Officio Members Present: |
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Kenan Judge |
David Barker |
Brian Lohse |
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IEDA Staff Present: |
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Rita Grimm |
Lisa Connell |
Jill Lippincott |
Vicky Clinkscales |
Alaina Santizo |
Jessica O’Riley |
Melanie King |
Maicie Pohlman |
Kanan Kappelman |
Paul Stueckradt |
Katie Rockey |
Jenny Klein |
Terry Roberson |
Matt Rasmussen |
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Others Present: |
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Mike Lukan, CRMEA |
Stacie LoVan, Greater Des Moines Partnership |
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Ron Robinson, LSA |
Tim Andera, City of Waterloo |
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Noel Anderson, City of Waterloo |
Adrienne Miller, City of Waterloo |
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Tyler Jett, Des Moines Register |
BOARD chair
- Welcome and Introductions
Iowa Economic Development Authority Board Chair(IEDA) Chris Murray called to order the meeting of the IEDA Board at 9:50 a.m.
- Roll Call
A quorum of the Board was established with the following members present: Jennifer Cooper, Mark Kittrell, Chris Murray, Lisa Hull, Megan McKay, Doane Chilcoat, Pankaj Monga and Lisa Shimkat
Ex-officio members present: Brian Lohse, David Barker and Kenan Judge
Approval of Minutes – October 18, 2019 IEDA Board Meeting
MOTION: Doane Chilcoat moved that the IEDA Board approve the minutes of the October 18, 2019 IEDA Board meeting, seconded by Lisa Shimkat. Motion carried unanimously.
Approval of Agenda – November 22, 2019 IEDA Board Meeting
MOTION: Jennifer Cooper moved that the IEDA Board approve the agenda for the November 22, 2019 IEDA Board meeting, seconded by Doane Chilcoat. Motion carried unanimously.
Public Comment Period: No comments were made.
Compliance
120 Day Report
Helena Industries: 60-day extension
Kraft Heinz Foods Company: 30-day extension
Northern Tool & Equipment Company: 90-day extension
Weverskade B.V./Lely North America: 90-day extension
NeXT1, Inc.: Rescind award
Winnebago Industries, Inc.: Rescind Award
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board approve the recommendations set out above regarding the 120-day signing deadline for the 6 pending contracts as recommended by Staff, seconded by Lisa Shimkat. Motion carried unanimously.
Compliance Report
Innovative Injection Technologies, Inc.: West Des Moines – Request to Extend Project Completion Date
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve the request to extend the Project Completion Date for 6-months, seconded by Lisa Hull. Motion carried unanimously.
TrueNorth Companies, L.C., TrueNorth Real Estate, L.C., and The 550 Building, L.C.: Cedar Rapids – Request to Extend Project Completion Date
MOTION: Doane Chilcoat moved that the Iowa Economic Development Authority Board approve the request to extend the Project Completion Date for 9-months, seconded by Jennifer Cooper. Motion carried unanimously.
Hawthorne Direct, LLC: Fairfield – Request Mutual Termination of Contract
MOTION: Lisa Hull moved that the Iowa Economic Development Authority Board approve the request for mutual termination of the contract, seconded by Jennifer Cooper. Motion carried unanimously.
TCC Recommendations
Athena GTX, Inc.: Des Moines
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to approve the request for a 12-month deferral of the balloon payments and increase the monthly payment amount to $1,449.00, seconded by Lisa Hull. Motion carried unanimously.
Immortagen, Inc.: Coralville
MOTION: Lisa Hull moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to approve the request for a 12-month deferral of the balloon payments, seconded by Jennifer Cooper. Motion carried unanimously.
Point of Choice, LLC: Fairfield
MOTION: Doane Chilcoat moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to approve the request for a 6-month deferral of the balloon payments, seconded by Lisa Shimkat. Motion carried unanimously.
ScoutPro, Inc.: Urbandale
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approved the recommendation of the TCC to approve the request for a 12-month deferral of the balloon payments and continue monthly payments, seconded by Lisa Shimkat. Motion carried unanimously.
Financial Assistance Application
Bio Springer North America Corporation and Its Sister Company Lesaffre Yeast Corporation: Cedar Rapids
MOTION: Lisa Hull moved that the Iowa Economic Development Authority Board approve awarding $290,000 in Investment Tax Credits and $330,000 in Sales, Service and Use Tax Refund, seconded by Doane Chilcoat. Roll Call vote was taken. Motion carried unanimously.
Board member Mark Kittrell disclosed a conflict of interest matter regarding Lincoln Savings Bank that necessitates recusal. See the attachment. He left the meeting at 10:02 a.m.
Lincoln Savings Bank: Waterloo
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board approve awarding a maximum of $600,500 in Investment Tax Credit and a maximum of $357,000 in Sales, Service and Use Tax Refund, seconded by Lisa Hull. Roll Call vote was taken. Motion carried unanimously.
Mr. Kittrell returned to the meeting at 10:04 a.m.
Warren Transport, Inc.: Waterloo
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve awarding a maximum of $77,400 in Sales, Service and Use Tax Refund and adding a requirement to ? project term, seconded by Doane Chilcoat. Roll Call vote was taken. Motion carried unanimously.
Worley Warehousing, Inc.: Cedar Rapids
MOTION: Doane Chilcoat moved that the Iowa Economic Development Authority Board approve awarding a maximum of $300,000 in Sales, Service and Use Tax Refund and $100,000 in Racking and Shelving, seconded by Pankaj Monga. Roll Call vote was taken. Motion carried unanimously.
Wright Service Corporation: West Des Moines
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board approve awarding a maximum of $661,523 in Sales, Service and Use Tax Refund and the requirement to keep the Headquarters in Iowa for the duration of the contract, seconded by Jennifer Cooper. Roll Call vote was taken. Motion carried unanimously.
TCC AMENDMENT REQUESTS
SBIR/STTR Outreach Program
DNP123
Legov System Group, LLC
Direct Spinal Therapeutics, Inc.
NeoVaxSyn, Inc.
NanoSpy, Inc. – USDA Project
NanoSpy, Inc. – DOD Project
Virtual Paint Products, LLC
MOTION: Lisa Shimkat moved that the Iowa Economic Development Authority Board approve an award up to $25,000 to Virtual Paint Products, LLC and up to $50,000 to each of the other businesses 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 as recommended by the TCC, seconded by Doane Chilcoat. Motion carried unanimously.
INSEER, Inc.
MOTION: Pankaj Monga moved, seconded by Doane Chilcoat, that the Iowa Economic Development Authority Board approve a $100,000 Demonstration Fund loan with terms as follow: the award amount paid back at an interest rate of 3%, a 5-year loan term and a 12-month deferral of the first payment, provided that repayment in full is required upon closing one or more funding rounds, the aggregate total of which is $1 million or more. Motion carried unanimously.
TCC MEMBER REAPPOINTMENTS
MOTION: Lisa Hull moved that the Iowa Economic Development Authority Board approve the staff recommendation to reappoint TCC members, Davin Hills and Rich Hichwa with terms ending December 31, 2022, seconded by Jennifer Cooper. Motion carried unanimously.
IOWA INNOVATION COUNCIL MEMBER APPOINTMENT
MOTION: Doane Chilcoat moved that the Iowa Economic Development Authority Board approve the recommendation of the IIC Executive Committee to appoint Hank Norem to a 2- year term, ending April 30, 2021, seconded by Lisa Shimkat. Motion carried unanimously.
Strategic infrastructure program application
MOTION: Doane Chilcoat moved that the Iowa Innovation Council to approve the request by Iowa State University for $1,250,000 for the Cybersecurity Research Institute for Manufacturing, seconded by Lisa Shimkat. Motion carried unanimously.
PROPOSED AMENDMENTS TO RULES
Adopt Amendments to Renewable Chemical Production Tax Credit Rules
MOTION: Jennifer Cooper moved, seconded by Lisa Shimkat, that the Iowa Economic Development Authority Board approve to Adopt Amendment to Renewable Chemical Production Tax Credit Rules. Motion carried unanimously.
Notice of Intended Action – Amendments to Renewable Chemical Production Tax Credit Rules
MOTION: Megan McKay moved, seconded by Lisa Shimkat, that the Iowa Economic Development Authority Board approve to File Notice of Intended Action for Amendment to Renewable Chemical Tax Credit Rules. Motion carried unanimously.
INNOVATION FUND TAX CREDITS
MOTION: Lisa Hull moved that the Iowa Economic Development Authority Board approve issuance of 5 tax credit certificates, seconded by Lisa Shimkat. Motion carried unanimously.
VENDOR AND CONTRACT MAXIMUM APPROVAL
MOTION: Lisa Shimkat moved that the Iowa Economic Development Authority Board approve a new contract with the National Main Street Center for $200,000, seconded by Lisa Hull. Motion carried unanimously.
Other Business
The next IEDA Board meeting will be held on Friday, December 20, 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 Doane Chilcoat. Motion carried unanimously. Meeting adjourned at 10:55 a.m.
Melanie King Chris Murray
Board Administrator IEDA Board Chair