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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: |
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Rich Hichwa |
Donna Ramaeker Zahn |
Emily Harris |
Kathy Zehr |
Hank Norem |
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OTHERS PRESENT: |
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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.
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 |