Iowa is Working Tim Whipple General Counsel Iowa
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Iowa is Working Tim Whipple General Counsel Iowa Economic Development Authority
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 § $10 M 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 § EZ Program REPEALED.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 $200 K, or $250 K for historic rehab. § Transferrable credits § $20 M available
Iowa’s Public Entrepreneurial Funding Continuum
Innovation Funding § Since January 2011, IEDA has supported start-up projects with innovation funding equaling: $14, 984, 000 § Program Sources § $9. 215 million (Innovation Fund – SSBCI) § $ 575, 000 (i 6 Challenge Grant Fund) § $5. 194 million (Demo Fund)
CJ Bio America Fort Dodge Iowa Fertilizer Company Lee County Valent Biosciences Osage Rail. One Clinton
Small Business § IASource. Link. 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 My. Entre. 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 260 F 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 § Sustainability § Certified building sites § Quality of life initiatives § Arts and Culture § Connect Iowa § Main Street Iowa § Workforce Housing
Certified Site Program § Announced the first-round certifications § Dexter, Fort Dodge, Iowa Falls and Van Meter
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/Communi ty. Development/CDBG
Main Street Iowa New Director – Jim Engle § 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
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