October 18, 2024 (DES MOINES, IA) – Today (Friday), the Iowa Economic Development Authority (IEDA) Board approved tax benefits for a company in Story City, awarded $428,000 in Community Attraction and Tourism (CAT) grants to two projects and provided final approval for a reinvestment district plan. In addition, last month, the board approved innovation funding for a startup in Des Moines and IEDA approved assistance from Iowa’s State Small Business Credit Initiative (SSBCI) Innovation Fund for a startup in Coralville.

Wind turbine facility to expand in Story City
Generation Repair and Service, LLC, a subsidiary of wholesale power generator NextEra Energy, Inc., provides repair and maintenance services for wind turbine and solar electric generation equipment. They also store and supply parts and inventory for renewable and other energy operations. The company plans to expand by 67,500 square feet to increase capacity, enhance safety and support additional repair product lines due to the increased demand nationally for renewable energy production. The project represents a $17 million capital investment and is expected to create two jobs at a qualifying wage of $32.47 per hour. The board awarded the company tax benefits through the High Quality Jobs (HQJ) program.

CAT grants awarded to two communities
The City of Grand Mound was awarded $41,000 to install a splash pad at the Grand Mound Ball Park. The project will be ADA compliant and include features for kids of all ages.

The Sioux City Symphony was awarded $250,000 to construct a 2,800-square-foot music education center in the historic Orpheum Theater. The project will establish a historic musical collection and also create spaces for on-site practice, ensemble rehearsals, instrument storage and a recording studio.

The CAT program provides financial assistance to communities for the construction of recreational, cultural, educational or entertainment facilities that enhance the quality of life in Iowa. Award recommendations for these funds are made by the CAT Review Committee to the IEDA Board for approval.

Des Moines reinvestment district plan receives final approval 
The Iowa Reinvestment District Program is designed to assist communities in developing transformative projects that improve the quality of life, create and enhance unique opportunities, and substantially benefit the community, region and state. The program provides for up to $100 million in new state hotel/motel and sales tax revenues to be “reinvested” within approved districts that cannot exceed 75 acres in size and must be in an Urban Renewal Area.

The IEDA board approved provisional funding for the Capital City Reinvestment District submitted by the City of Des Moines in June 2021 and at today’s board meeting approved the maximum benefit amount of $23.5 million for the project. The project will replace blighted, vacant and brownfield sites with mixed-use neighbors. The three connected community hubs include the Stadium Neighborhood, emphasized with the $95 million Pro-Iowa soccer stadium and Global Plaza, the Western Gateway, showcasing a vibrant streetscape and pedestrian mall, and Gray’s Landing, which will construct a hotel and supermarket. All areas will also offer retail, office and multifamily residential units. The projects within the reinvestment district area represent a $293 million investment.

Innovation funding awarded to two startups last month
Tylmen, Inc., based in Des Moines, is working to improve access to life insurance. The technology uses non-invasive health data collected from an individual’s smartphone video recordings to provide insights into their overall health profile, which improves the speed and precision of underwriting processes. The company was awarded a $50,000 Proof of Commercial Relevance (POCR) loan for IP development and evaluation, product refinement, key personnel and market planning and entry activities.

Award recommendations for the POCR funds are made by the Technology Commercialization Committee to the IEDA Board for approval.

Coralville’s FBB Biomed, Inc., is a biotech company with the mission to build one blood test for all health states and diseases. The development of the FBB Web App product will enable customers to fully self-service-use the software. The company was awarded a $250,000 Innovation Acceleration Launch Fund loan from the SSBCI Innovation Fund for IP development and evaluation, product refinement and key personnel.

Award recommendations for the SSBCI Innovation Fund assistance are made by the SSBCI Review Committee to the IEDA director for approval. The committee met on September 24, 2024, to review eligible applications.