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IEDA Board Minutes - September 2020

Iowa Economic Development Authority Telephonic, Teams and In-person Board Meeting Meeting Minutes
September 18, 2020
9:15 a.m.

Board Members Present by telephone, via Teams or in-person:
Chris Murray, Board Chair    Lisa Shimkat*    Emily Schmitt    Pankaj Monga
Thomas Townsend
Mark Kittrell    Jennifer Cooper
Lisa Hull    Megan McKay
Doane Chilcoat    Linda Crookham-Hansen

Ex-Officio Members Present by telephone or via Teams:
Representative Kenan Judge    David Barker    Rob Denson

IEDA Staff Present by telephone, via Teams or in-person*:
Debi Durham*    Rita Grimm*    Rick Peterson*    Staci Hupp Ballard
Vicky Clinkscales    Lisa Connell    Jill Lippincott    Kristin Hanks Bents
Jessica O’Riley    Rob Christensen    Betty Hessing*    Melissa Harshbarger
Kanan Kappelman    Paul Stueckradt    Katie Rockey    Terry Roberson Alaina Santizo

Others Present by telephone or via Teams:
Jessica Flannery, House Democratic Caucus Staff Naomi A. Hamlett, City of Des Moines
Erin Olson-Douglas, City of Des Moines Lisa Skubal, Grow Cedar Valley, Waterloo Noel Anderson, City of Waterloo
Ron Robinson, Iowa Legislative Services Agency Cindy Harris, Iowa Finance Authority

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, Emily Schmitt, Pankaj Monga, Thomas Townsend, Mark Kittrell, Doane Chilcoat, Lisa Hull and Lisa Shimkat
Ex-officio members present: David Barker, Rob Denson and Representative Kenan Judge

Approval of Minutes – August 21, 2020 IEDA Board Meeting
MOTION: Megan McKay moved that the IEDA Board approve the minutes of the August 21, 2020 IEDA Board meeting, seconded by Doane Chilcoat. Motion carried unanimously.

Approval of Agenda – September 18, 2020 IEDA Board Meeting
MOTION: Emily Schmitt moved that the IEDA Board approve the agenda for the September 18, 2020 IEDA Board meeting, seconded by Linda Crookham-Hansen. Motion carried unanimously.



*Participated in-person
 
PUBLIC COMMENT PERIOD: No comments.

COMPLIANCE - CONSENT AGENDA
120 Day Report
Compliance Report
Ajinomoto Heartland, Inc. – Request to Amend Contracting Entity.
Casey’s Retail Company – Request to Amend ITC Amortization Schedule.
Innovative Injection Technologies, Inc. – Request to Extend Project Completion Date.
Schumacher Company, LC – Request to Extend Project Completion Date.
Tyson Fresh Meats, Inc. - Request to Extend Project Completion Date.
MOTION: Megan McKay moved that the Iowa Economic Development Authority Board accept the recommendations  of  the  DDC  regarding  Items  A  and  B  on  the  Consent  Agenda,  seconded  by   Linda Crookham-Hansen. Motion carried unanimously.

COMPLIANCE – TCC RECOMMENDATIONS
Eagle’s Catch, LLP: Ellsworth
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board accept the recommendation of the TCC that IEDA subordinate its UCC position to Greater Nevada Credit Union, seconded by Lisa Hull. Motion carried unanimously.

3D Health Solutions, Inc.: Ames
MOTION: Lisa Shimkat moved that the Iowa Economic Development Authority Board accept the recommendation of the TCC to exclude grant funds received from the revenue totals used in the standard royalty calculation, seconded by Jennifer Cooper. Motion carried unanimously.

Athena GTX, Inc. (FY2015 Award): Des Moines
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board accept the recommendation of the TCC to deny the Company’s request to refinance the loan by deferring the balloon payment by 12 months and instead allow it to continue to make monthly payments of $1,449, seconded by Lisa Shimkat. Motion carried unanimously.

Athena GTX, Inc. (FY2016 Award): Des Moines
MOTION: Lisa Shimkat moved that the Iowa Economic Development Authority Board accept the recommendation of the TCC to approve the request for a 12 month deferral of the balloon payment and require the Company to make monthly payments during the deferral period of 1.5x the original monthly payment amount commencing March 1, 2021, seconded by Linda Crookham-Hansen. Motion carried unanimously.

FINANCIAL ASSISTANCE APPLICATION
MCF Operating, LLC dba Mrs. Clark’s Foods: Ankeny
MOTION: Lisa Hull moved that the Iowa Economic Development Authority Board accept the recommendation of the DDC to award a maximum of $165,000 in Investment Tax Credits; and a maximum of $157,500 in Sales, Service and Use Tax Refund for a total of $322,500, seconded by Jennifer Cooper.
Roll Call vote was taken. Motion carried unanimously.

TCC RECOMMENDATIONS
SBIR/STTR Outreach Program: Malum; Firefly Photonics; Degimflex, LLC; SoilSerdem, LLC; BrainSoft, LLC; Geminii; NeoVaxSyn; Oscillavent, Inc.; Parametric Studios; pxAlpha; Superior Statistical Research; MTI Biotech – Treatment of Pulmonary Arterial Hypertension; MTI Biotech – Prevention of GI Inflammatory Cardinogenesis
MOTION: Lisa Shimkat 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 Emily Schmitt. Motion carried unanimously.

Graze Analytics
MOTION: Doane Chilcoat moved that the Iowa Economic Development Authority Board accept the recommendation of the TCC to deny the request for a $25,000 Proof of Commercial Relevance loan, seconded by Mark Kittrell. Motion carried unanimously.

Inflexion Point Technologies
MOTION: Mark Kittrell moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to approve the request for 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 for a calendar year with each payment due on June 1st of the following calendar year, seconded by Doane Chilcoat. Motion carried unanimously.

Stagerie
MOTION: Jennifer Cooper moved that the Iowa Economic Development Authority Board approve the recommendation of the TCC to approve the requests for 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 for a calendar year with each payment due on June 1st of the following calendar year, seconded by Linda Crookham-Hansen. Motion carried unanimously.

INNOVATION FUND INVESTMENT TAX CREDIT PROGRAM
MOTION: Doane Chilcoat moved that the Iowa Economic Development Authority Board approve Applications for Issuance of 27 Tax Credit Certificates, seconded by Emily Schmitt. Motion carried unanimously.

APPROVE AMENDMENT TO FY21 IEDA BUDGET AND APPROVE FY22-23 IEDA BUDGET
MOTION: Lisa Shimkat moved that the Iowa Economic Development Authority Board approve an amendment to the FY21 IEDA budget and approve the proposed FY22-23 IEDA budget, seconded by Emily Schmitt. Roll Call vote was taken. Motion carried unanimously.

OTHER BUSINESS
The next IEDA Board meeting will be held on Friday, October 16, 2020 at 9:15 a.m.
 
ADJOURNMENT
There being no further business at the meeting of the Iowa Economic Development Authority Board, MOTION: Lisa Shimkat moved that the IEDA Board adjourn, seconded by Mark Kittrell. Motion carried unanimously. Meeting adjourned at 10:34 a.m.




Betty Hessing    Chris Murray
Interim Board Administrator    IEDA Board Chair
 

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