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TCC Minutes - March 2019

Technology Commercialization Committee

Meeting Minutes

Iowa Economic Development Authority

200 East Grand Avenue

Des Moines, Iowa

March 7, 2019

9:30 a.m.

COMMITTEE MEMBERS PRESENT:

Rich Hichwa

Donna Ramaeker Zahn

Emily Harris

Kathy Zehr

Hank Norem

OTHERS PRESENT:

Gail Kotval, IEDA

Rita Grimm, IEDA

Paul Stueckradt, IEDA

Katie Rockey, IEDA

Adrienne Greenwald, VentureNet

John LaMarche, VentureNet

Liz Keehner, VentureNet

Kerri Yost, IEDA

Anne Price, Iowa Innovation Corporation

Call to Order

TCC Chair Kathy Zehr called to order the meeting of the Technology Commercialization Committee of the Iowa Economic Development Authority (TCC) at 9:38 a.m.  A quorum of the TCC was established with the following members present: Emily Harris, Donna Ramaeker Zahn, Kathy Zehr, Hank Norem, and Rich Hichwa.

Approval of Minutes – January 10, 2019 TCC Meeting Minutes

MOTION:  Rich Hichwa moved approval of the minutes of the January 10, 2019 TCC meeting, seconded by Donna Ramaeker Zahn. Roll call vote was taken.  Motion carried unanimously.

Public Comment

No comments were made.

SBIR/STTR Outreach Program Requests 

 

Fluid Xchange Solutions, LLC

YieldLogic, LLC

Culver Engineering, LLC

Exogene Bio, LLC

TLA M.D., LLC

Multiphase Flow Research

Advanced Infoneering, Inc.

Clipse Therapeutics

Time ReDesigned

DNP123

 
 

MOTION:  Donna Ramaeker Zahn moved that the TCC recommend that the IEDA Board award up to $50,000 to each of the businesses listed above, $25,000 upon receipt of a SBIR/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 Rich Hichwa. Roll call vote was taken.  Motion carried unanimously.

Closed Session

MOTION:

Rich Hichwa moved that the TCC go into closed session at 9:55 a.m. pursuant to Iowa Code sections 21.5(1)a, 15.118, 22.7.3, and 22.7.6 to review and discuss records IEDA is required to treat as confidential under Iowa law.  The motion was seconded by Donna Ramaeker Zahn.  Roll call vote was taken.  Motion carried unanimously.

Vicky Clinkscales entered room at 9:55 a.m. and left at 10 a.m.

Gail Kotval left the room at 9:55 a.m. and returned at 9:58 a.m.

TCC members present for closed session – Rich Hichwa, Donna Ramaeker Zahn, Hank Norem, Emily Schmitt, and Kathy Zehr. Others present during closed session:  IEDA - Gail Kotval, Rita Grimm, Katie Rockey, Paul Stueckradt, Vicky Clinkscales, and Kerri Yost; VentureNet Iowa - John LaMarche, Adrienne Greenwald and Liz Keehner; and Iowa Innovation Corporation - Anne Price.

Paul Stueckradt arrived at 10:04 a.m.

Chris James and Austin Nebel of True360 entered the meeting at 10 a.m. and exited at 10:22 a.m.

Megan Aronson, Clay Aronson, Brian West and Jon Kalle of Aronson WoodWorks entered the meeting at 10:30 a.m. and exited at 10:56 a.m.

Liz Keehner exited the meeting at 10:55 a.m. and returned at 10:57 a.m.

Anne Price exited the meeting at 10:55 a.m. and returned at 10:58 a.m.

Gail Kotval exited the meeting at 10:56 a.m. and returned at 10:58 a.m.

TCC Chair Kathy Zehr announced a break from 11:00 a.m. to 11:03 a.m.

Hank Norem recused himself from discussion and action regarding FarrPro, Inc., and exited the meeting at 11:00 a.m.  A copy of the notice of conflict is attached to these minutes.

Gail Kotval exited the meeting at 11:11 a.m. and returned at 11:13 a.m.

Amos Petersen and Chris Hanson of FarrPro entered the meeting at 11:07 a.m. and exited the meeting at 11:26 a.m. TCC committee requested Amos Petersen back in the room for additional questions at 11:29 a.m. Left at 11:31 a.m.

Gail Kotval exited the meeting at 11:26 a.m. and returned at 11:28 a.m.

Katie Rockey exited the meeting at 11:29 a.m. and returned at 11:33 a.m.

Hank Norem returned to the meeting at 11:34 a.m.

Donna Ramaeker Zahn recused herself from discussion and action regarding SAFI-Tech and exited the meeting at 11:34 a.m.

Paul Stueckradt exited the meeting at 11:35 a.m. and returned at 11:38 a.m.

Katie Rockey exited the meeting at 11:38 a.m. and returned at 11:40 a.m.

Ian Tevis, Darin Heisterkamp, Dave Furbush, Joe Leo and Joe Jackson of SAFI-Tech entered the meeting at 11:39 a.m. and exited the meeting at 12:00 p.m.

Vicky Clinkscales entered the meeting at 11:40 a.m., left at 11:40 a.m., returned at 11:43 a.m., and exited the meeting at 11:44 a.m.

Gail Kotval exited the meeting at 11:42 a.m. and returned at 11:45 a.m.

Gail Kotval exited the meeting at 11:57 a.m. and returned at 12:02 p.m.

Donna Ramaeker Zahn returned to the meeting at 12:03 p.m.

Bernie Crump and Curt Nelson of Mobile M2M entered the meeting at 12:06 p.m. and exited the meeting at 12:21 p.m.

Open Session

MOTION: Emily Harris moved that the TCC go back into open session at 12:27 p.m., seconded by Hank Norem. Motion carried unanimously.

True360, Inc. – Ames

MOTION: Emily Harris moved that the TCC recommend that the Economic Development Authority Board approve a $25,000 Proof of Commercial Relevance (POCR) award to be repaid through royalty payments with terms as follows: repayment amount is $25,000 paid back at 3% of total gross revenue for a calendar year with each payment due June 1 of the following calendar year, seconded by Donna Ramaeker Zahn. Roll call vote was taken.  Motion carried unanimously.

Aronson Woodworks, LLC – Prole

MOTION: Donna Ramaeker Zahn moved that the TCC recommend that the Economic Development Authority Board approve a $100,000 Demonstration Fund award to be repaid with loan terms as follows: 5-year loan with a 3% interest rate  and a 6-month deferral of the first loan payment, seconded by Rich Hichwa.  Roll call vote was taken.  Motion carried unanimously.

Hank Norem recused himself from discussion and action regarding Farr Pro, Inc., and exited the meeting.  A copy of the notice of conflict is attached to these minutes.

FarrPro, Inc. – Iowa City

MOTION: Rich Hichwa moved that the TCC recommend that the Economic Development Authority Board approve a $100,000 Demonstration Fund award to be repaid through royalty payments with terms as follows: repayment amount is 1.33 times the award amount paid back at a royalty rate of 3% of total gross revenue for a calendar year with each payment due June 1 of the following calendar year, seconded by Emily Harris. Roll call vote was taken.  Hank Norem recused himself from the vote.  Motion carried unanimously.

Donna Ramaeker-Zahn recused herself from discussion and action regarding SAFI-Tech, Inc., and exited the meeting.  A copy of the notice of conflict is attached to these minutes.

SAFI-Tech, Inc. - Ames

MOTION: Hank Norem moved that the TCC recommend that the Economic Development Authority Board approve a $100,000 Demonstration Fund award to be repaid through royalty payments with terms as follows: repayment amount is 1.33 times the award amount paid back at a royalty rate of 3% of total gross revenue for a calendar year with each payment due June 1 of the following calendar year, seconded by Rich Hichwa. Roll call vote was taken.  Donna Ramaeker-Zahn recused herself from the vote.  Motion carried unanimously.

Mobile M2M, Inc. – Cedar Rapids

MOTION: Donna Ramaeker Zahn moved that the TCC recommend that the Economic Development Authority Board approve a $25,000 POCR award to be repaid through royalty payments with terms as follows: repayment amount is $25,000 paid back at 3% of total gross revenue for a calendar year with each payment due June 1 of the following calendar year, seconded by Emily Harris. Roll call vote was taken.  Voting aye:  Emily Harris, Hank Norem, Donna Ramaeker Zahn, and Kathy Zehr.  Voting Nay:  Rich Hichwa.  Motion carried.

TCC Chair Kathy Zehr announced a break for lunch at 12:33 p.m.

Closed Session

MOTION:

Rich Hichwa moved that the TCC go into closed session at 12:48 p.m. pursuant to Iowa Code sections 21.5(1)a, 15.118, 22.7.3, and 22.7.6 to review and discuss records IEDA is required to treat as confidential under Iowa law.  The motion was seconded by Emily Harris. Roll call vote was taken.  Motion carried unanimously.

Open Session

MOTION: Kathy Zehr moved that the TCC go back into open session at 1:15 p.m., seconded by Rich Hichwa. Roll call vote was taken.  Motion carried unanimously.

Icon Laboratories, Inc. – West Des Moines

MOTION: Hank Norem moved that the TCC recommend that the Economic Development Authority Board approve the request for a second 6 month deferral of payments, seconded by Rich Hichwa. Roll call vote was taken.  Motion carried unanimously.

MetaCommunications, Inc. – Iowa City

MOTION: Rich Hichwa moved that the TCC recommend that the Economic Development Authority Board deny the request to suspend payments until August 1, 2019, seconded by Emily Harris. Roll call vote was taken.  Motion carried unanimously.

RAMDO Solutions, LLC – Iowa City

MOTION: Emily Harris moved that the TCC recommend that the Economic Development Authority Board deny the request to defer the balloon payment for 6 to 12 months  and approve payment restructuring by amortizing the balloon payment due April 1, 2019 over twelve months at 3% interest with the first payment due April 1, 2019, seconded by Rich Hichwa. Roll call vote was taken.  Motion carried unanimously.

Next Meeting

The next meeting of the Technology Commercialization Committee is scheduled for May 9, 2019 at 9:30 a.m.

Adjournment

There being no further business at the meeting of the Technology Commercialization Committee,

MOTION: Rich Hichwa moved adjournment, seconded by Kathy Zehr. Motion carried unanimously. Meeting adjourned at 1:22 p.m.

Respectfully submitted,

Kerri Yost, Board Secretary

            ________________________

            Gail Kotval                                                 

            ____________________________

            Kathy Zehr

            Board Administrator

            TCC Chair                                        

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