Tim WhippleGeneral CounselIowa Economic Development Authority

Iowa is Working

Governor’s Growth Agenda

New Economic Development Model

The High Quality Jobs Program

Business Development Tax Credits

Program Description

The Program provides tax incentives to businesses that make capital investments and create jobs in the state.

Brief Legislative History New Jobs and Income Program (NJIP) created in 1995 In 2005, NJIP changed and renamed High Quality Job Creation

Program (HQJC) In 2009, HQJC amended again and renamed High Quality Jobs

Program

Core Eligibility Requirements

An engaged local partner (for projects larger than $10 million)

Cannot be a relocation from one Iowa community to another

Must meet job creation/retention requirements and wage threshold requirements

Must provide sufficient benefits package The fiscal return for the state must justify the amount of

incentives Cannot be a retail business or a business with a history of

violations of the law IEDA must consider the overall quality of the project

before making the award

Results

Total Capital Investment:

$9,026,505,425

Iowa Economic Development Authority – Business Assistance Awards, January 2011 through June 2014

Project Industry Sectors and Breakdown

Projects Awarded by

National Recognition

U.S. Chamber of Commerce Foundation’s Enterprising States 2014 study Top 10 States for Economic Performance -- #8 Iowa

ICAIncentives’ “Measuring the Quality of Incentive Programs” study “Best Practice” States identified that perform well, combining effective

tax incentive program evaluations with openness – Iowa among the six

Brownfield/Grayfield Tax Credits

New Additions for 2014

Program Description

The Program provides tax incentives to for the redevelopment of brownfields and grayfields.

New features: Abandoned public buildings eligible Refundability for nonprofits Award amounts negotiated by board

Transferrable credits $10M available

Workforce Housing Tax Credits

New Program for 2014

Program Description

The Program provides tax incentives to housing developers – NOT TIED TO ZONES.

EZ Program REPEALED. Eligibility:

A grayfield or brownfield site. The repair or rehab of dilapidated existing housing stock. An upper story project. New construction IF in a community with demonstrated workforce

housing needs. Cost per unit doesn’t exceed $200K, or $250K for historic rehab.

Transferrable credits $20M available

Iowa’s Public Entrepreneurial Funding Continuum

Innovation Funding

Since January 2011, IEDA has supported start-up projects with innovation funding equaling:

Program Sources $9.215 million (Innovation Fund – SSBCI) $ 575,000 (i6 Challenge Grant Fund) $5.194 million (Demo Fund)

$14,984,000

CJ Bio AmericaFort Dodge

Valent BiosciencesOsage

Iowa Fertilizer CompanyLee County

Rail.OneClinton

Small Business IASourceLink.com

A statewide resource and economic development tool for entrepreneurs and small businesses across Iowa and for those considering Iowa for a business location

Partnership between IEDA and University of Northern Iowa’s MyEntre.Net

What is it? Resource Navigator – connects entrepreneurs and small businesses

with resource providers across Iowa Statewide Events Calendar – comprehensive listing of networking,

educational and training opportunities taking place across Iowa Business Concierge – personalized assistance with marketing

demographics, trends and resources Business Licensing – customized help with identifying necessary

business registrations and licenses Information Source – webinars, e-newsletter, blogs and resources

offered on timely topics

Workforce Challenges

Education & Workforce Training Initiatives

Certification & credentialing of workforce – NCRC Skilled Iowa Expand Apprenticeship Programs STEM Immigration Reform Home Base Iowa Military

Recruitment Effort

Home Base Iowa A new non-profit, private-public partnership that will recruit

veterans and active duty service members for private-sector job opportunities in Iowa

Dedicated Staff – Kathy Anderson, Project Manager Website – www.homebaseiowa.org

Comprehensive source for job services available to veterans in Iowa

Marketing outreach: National advertising In-person outreach Social media campaign Military publications

Legislative Changes: Military Pension Income Tax Exemption Increases Military Homeowner Assistance Permissive Veteran Preference in Employment Streamlines Occupational Licensure Automatic in-state tuition for veterans, spouses and dependents

2014 Legislative Workforce Initiatives

STEM Internships Funding to support internships in science, technology, engineering and

mathematics The program will fund 400 interns at up to $5,000 each, allowing

employers to claim $1 for every $2 it pays interns

Apprenticeships Expansion of the 260F job training program would triple the amount of

state funding allocated for apprenticeships Support is increased from $1 million annually to $3 million by providing

additional funds and reforming and streamlining administration of the program

Development Ready Communities

Freight Network Optimization Strategy Certified building sites Quality of life initiatives Arts and Culture

Sustainability Connect Iowa Main Street Iowa Workforce Housing

Announced the first-round certifications Dexter, Fort Dodge, Iowa Falls and Van Meter

Certified Site Program

Community Development

Program Overview

Community Development Block Grant (CDBG)

Iowa receives approximately $21 million per year from HUD to: o Assist low and moderate income communities to

preserve and develop basic infrastructure and community systems

o Promote owner occupied housing rehabilitation to low and moderate income homeowners

o Support economic development activities that benefit low and moderate income persons through job creation/job training

Community Development Block Grant (CDBG)

Community Development Block Grant (CDBG)

o Most of Iowa’s CDBG programs accept applications on an annual basis.

o Applications are submitted online through Iowagrants.gov

o Applicants must be units of local government (cities less than 50,000 & counties)

o More information on Iowa’s CDBG programs can be found here: http://www.iowaeconomicdevelopment.com/CommunityDevelopment/CDBG

Main Street Iowa

Net business gain in MSI districts occurred in all 26 years of the state Main Street program  

3,800 business starts, expansions and re-locations Sales tax collections from net new businesses in

MSI districts is 48 times the state appropriation to fund program  

Added three new Main Street Communities in 2014 Newton, Avoca, Guthrie Center

$1 million Challenge Grant funding available to MSI communities

New Director – Jim Engle

Tim WhippleGeneral CounselIowa Economic Development Authority

Iowa is Working