IOWA DEVELOPMENT CORPORATION

IOWA DEVELOPMENT CORPORATION (IDC) OWNS A 99% INTEREST IN IOWA COMMUNITY DEVELOPMENT, LC (ICD). ICD SERVES AS A MANAGING MEMBER OF SEVERAL COMMUNITY DEVELOPMENT ENTITIES. ICD RECEIVES COMPENSATION TO ALLOW FOR PAYMENTS OF LEGAL FEES AND THIRD PARTY OVERSIGHT OF THE ENTITY. ICD'S PURPOSE IS TO SECURE AND DISTRIBUTE ALLOCATIONS OF NEW MARKET TAX CREDITS FROM THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, DEPARTMENT OF TREASURY, AND, THEREBY, PROMOTE INVESTMENT INTO OPERATING BUSINESSES AND REAL ESTATE PROJECTS LOCATED IN LOW-INCOME COMMUNITIES. PROJECTS ARE AS FOLLOWS:SINCE INCEPTION, $320 MILLION OF NEW MARKET TAX CREDIT ALLOCATIONS HAVE BEEN DEPLOYED IN LOW INCOME COMMUNITIES IN IOWA BY THE END OF 2022 FOR THE FOLLOWING PROJECTS:ICD I, LLC - $9.5 MILLION TO ADLER THEATER, DAVENPORT, IOWA, THE RENOVATION OF A HISTORIC THEATER IN A HIGHLY DISTRESSED CENSUS TRACT.ICD II, LLC - $10 MILLION TO NORTHWEST AIRLINES CALL CENTER, SIOUX CITY, IOWA, A PROJECT INTENDED TO CREATE OVER 200 JOBS AND STIMULATE DEVELOPMENT IN A DISTRESSED CENSUS TRACT.ICD III, LLC - $9 MILLION TO RIVER POINT WEST, DES MOINES, IOWA, A MIXED-USE DEVELOPMENT PLANNED TO INCLUDE 500 HOUSING UNITS, 200,000 SQUARE FEET OF RETAIL SPACE AND 500,000 SQUARE FEET OF COMMERCIAL SPACE.ICD IV, LLC - $7 MILLION TO VILLAGE PLACE, DES MOINES, IOWA, A MIXED-USE DEVELOPMENT WHICH HAS SPARKED ADDITIONAL DEVELOPMENT IN DES MOINES' HISTORIC EAST VILLAGE.ICD V, LLC - $14.5 MILLION TO ASSIST WINEGARD COMPANY TO RENOVATE A 140,000 SQUARE FOOT BLIGHTED SHOPPING MALL AND TO PURCHASE EQUIPMENT AND EXPAND THEIR MANUFACTURING FACILITIES LOCATED IN A NON-METRO DISTRESSED CENSUS TRACT BY 55,000 SQUARE FEET. THE PROJECT IS EXPECTED TO CREATE 70 FULL-TIME EMPLOYEES CONSISTING OF ENGINEERS FOR RESEARCH, MARKETING AND TECHNICAL SERVICE PERSONNEL, MANUFACTURING SUPERVISORS, FACTORY OPERATORS, AND SHIPPING PERSONNEL.ICD VI, LLC - $5.75 MILLION TO SUPPORT A PROJECT INVOLVING THE CONSTRUCTION OF A GREEN HEADQUARTERS BUILDING FOR CAMBRIDGE INVESTMENT GROUP, A LEADING INDEPENDENT BROKER/DEALER WITH OVER 250 EMPLOYEES IN THE FAIRFIELD, IOWA AREA.ICD VII, LLC - $3.75 MILLION TO SUPPORT A PROJECT INVOLVING THE RENOVATION OF THE JULIEN HOTEL, DUBUQUE, IOWA, A 135,000 SQUARE FOOT HISTORICAL HOTEL IN A HIGHLY DISTRESSED CENSUS TRACT.ICD VIII, LLC - $10 MILLION TO SUPPORT THE RENOVATION OF THE HISTORIC ROSHEK BUILDING IN DUBUQUE, IOWA. THE RENOVATION WAS SUCCESSFUL IN ATTRACTING AN IBM OFFICE WHICH PROVIDED 1,300 JOBS TO A HIGHLY DISTRESSED CENSUS TRACT.ICD IX, LLC - $10 MILLION TO SUPPORT THE RENOVATION AND REHABILITATION OF TWO HISTORIC FRANK LLOYD WRIGHT DESIGNED COMMERCIAL BUILDINGS LOCATED IN DOWNTOWN MASON CITY, IOWA, A NON-METRO OUT-MIGRATION TRACT. THE PROJECT IS EXPECTED TO CREATE 27 DIRECT JOBS AND HAVE A POSITIVE IMPACT ON TOURISM IN THE COMMUNITY.ICD X, LLC - $10 MILLION TO SUPPORT THE CONSTRUCTION OF AN EGG LAYING FACILITY LOCATED NEAR CORWITH IN HANCOCK COUNTY IOWA, A NON-METRO OUT-MIGRATION TRACT. THE PROJECT IS EXPECTED TO CREATE APPROXIMATELY 72 FULL-TIME JOBS. IN ADDITION, EACH BIRD HOUSED AT THE FACILITY WILL CONSUME ABOUT ONE BUSHEL OF CORN ANNUALLY, CREATING A PROJECTED 3 MILLION BUSHEL INCREASE IN LOCAL DEMAND FOR CORN.ICD XI, LLC - $10 MILLION TO SWIFT PORK COMPANY, MARSHALLTOWN, IOWA FOR A 130,000 SQUARE FOOT EXPANSION OF A PORK PROCESSING PLANT. THE PROJECT IS EXPECTED TO CREATE 30 NEW JOBS WITHIN A HIGHLY DISTRESSED CENSUS TRACT AND SETS THE STAGE FOR FURTHER EXPANSION AND JOB CREATION AT THE PLANT.ICD XII, LLC - $15 MILLION TO PHYSICIANS CLINIC OF IOWA, CEDAR RAPIDS. CONSTRUCTION OF A 205,425 SQUARE FOOT MEDICAL MALL IN A HIGHLY DISTRESSED CENSUS TRACT. IT IS ONE OF THE FIRST PRIVATE, FOR-PROFIT INVESTMENTS IN DOWNTOWN CEDAR RAPIDS SINCE A DEVASTATING FLOOD HIT THE AREA IN JUNE 2008. IT ALSO PROVIDES SPACE FOR VARIOUS MEDICAL SERVICES FOR LOW INCOME RESIDENTS AND THE POTENTIAL FOR 50 TO 100 NEW JOBS.ICD XIII, LLC - $10 MILLION TO PINNACLE FOODS, FT. MADISON, IOWA. CONSTRUCTION OF A 16,700 SQUARE FOOT EXPANSION AND INSTALLATION OF EQUIPMENT FOR FOOD PROCESSING AND PACKAGING. IT ALSO PROVIDES FOR THE UPDATING OF EXISTING MANUFACTURING SPACE. JOB CREATION IS 65 EMPLOYEES IN THIS RURAL COMMUNITY AND THE RETENTION OF THE EXISTING 430 EMPLOYEES.ICD XIV, LLC - $12 MILLION TO ASSIST FIVE HABITAT FOR HUMANITY AFFILIATES CONSTRUCT 94 HOMES ACROSS THE STATE OF IOWA. SOME OF THE HOMES ARE LOCATED IN NON-METRO AREAS AND ALL ARE TARGETED TO PROVIDE ASSISTANCE TO LOW INCOME RESIDENTS; TWELVE IOWA COUNTIES WERE IMPACTED.ICD XV, LLC - $12 MILLION TO CONSTRUCT A NEW MULTIPURPOSE BUILDING AT 420 COURT AVENUE IN DES MOINES, IA. IT WILL INCLUDE 82 APARTMENTS AND APPROXIMATELY 35,000 SQUARE FEET OF SPACE FOR A FULL SERVICE HY-VEE GROCERY STORE. LOCATED IN A FOOD DESERT, THE PROJECT IS EXPECTED TO CREATE 75 FULL TIME JOBS AND 128 PART TIME JOBS.ICD XVI, LLC - $18 MILLION TO NOVELTY IRONWORKS, DUBUQUE, IA. THE ALLOCATION SUPPORTED THE RENOVATION OF A 260,000 SQ. FOOT HISTORIC WAREHOUSE BUILDING INTO A MIXED USE PROPERTY CONTAINING APARTMENTS AND COMMERCIAL SPACE. BECAUSE OF OTHER NEW MARKETS TAX CREDIT JOB CREATION IN THIS HIGHLY DISTRESSED CENSUS TRACT, A SHORTAGE OF HOUSING HAD BECOME A HINDRANCE TO FURTHER ECONOMIC IMPACT.ICD XVII, LLC (2 PROJECTS) - THE FIRST, $10.2 MILLION TO PROLIANT MEAT PRODUCTS IN RURAL HARLAN, IA. SUPPORT WAS GIVEN TO THIS 25,000 SQUARE FOOT MANUFACTURING BUILDING AND EQUIPMENT EXPANSION EXPECTED TO CREATE 45 NEW JOBS IN THIS RURAL LOW INCOME CENSUS TRACT.ICD XVII, LLC - SECOND, $ 15.8 MILLION TO ASSIST WITH THE CONSTUCTION OF A NEW CORPORATE HEADQUARTERS FOR THE CRST TRUCKING COMPANY IN CEDAR RAPIDS, IA. THIS ALLOWS THE COMPANY TO EXPAND ITS JOB TRAINING SCHOOL AND HOUSING FACILITY WHICH FOCUSES ON UNEMPLOYED LOW INCOME STUDENTS. EXPECTED JOB CREATION IS 953.ICD XVIII, LLC - $7.5 MILLION TO ASSIST WITH THE PURCHASE AND RENOVATION OF A HISTORIC BUILDING BY THE DES MOINES SOCIAL CLUB IN DES MOINES, IA. THE ALLOCATION ALLOWED THE NON-PROFIT TO EXPAND ITS PROGRAMS AND SERVICES TO RESIDENTS OF THE SURROUNDING LOW-INCOME CENSUS TRACT WHILE CREATING 83 NEW JOBS IN THE PROCESS.ICD XIX, LLC - $12 MILLION TO KINGLAND SYSTEMS IN AMES, IA FOR THE CONSTRUCTION OF A NEW 75,000 SQ. FOOT OFFICE AND RETAIL SPACE IN THE HEART OF THE LOW INCOME CAMPUS TOWN DISTRICT. NEW JOB CREATION IS EXPECTED TO BE 185 JOBS.ICD XX, LLC - $10 MILLION TO ASSIST WITH THE MANUFACTURING EXPANSION OF CASE NEW HOLLAND INDUSTRIAL LOCATED IN BURLINGTON, IA. THE EXPANSION HELPED RETAIN THE EXISTING 700 JOBS AND IS EXPECTED TO CREATE AN ADDITIONAL 50 QUALITY JOBS.ICD XXI, LLC - $12 MILLION TO RENOVATE TWO CURRENTLY VACANT BUILDINGS AT SCOTT COMMUNITY COLLEGE TO EXPAND EDUCATIONAL OFFERINGS AT THE KAHL EDUCATIONAL CENTER INTO A FULL SERVICE COMMUNITY COLLEGE URBAN CAMPUS THAT WILL MAINLY SERVE STUDENTS FROM THE LOW INCOME COMMUNITY, WHILE HELPING TO REVITALIZE A HISTORIC BUSINESS DISTRICT IN DAVENPORT, IOWA AND CATALYZING FURTHER REDEVELOPMENT IN THE AREA. AN ADDITIONAL $10 MILLION ALLOCATED IN 2017. EXPECTED TO CREATE OR RETAIN 232 PERMANENT JOBS.ICD XXII, LLC - $8.6 MILLION FOR A 36,000 SQUARE FOOT EXPANSION PROJECT TO THE CURRENT MANUFACTURING FACILITY FOR CONTITECH IN MOUNT PLEASANT, IOWA. THE PROJECT IS EXPECTED TO CREATE 41 NEW JOBS. THE PROJECT REQUIRES AN ELEMENT TO PROVIDE STEM FUNDING TO MOUNT PLEASANT HIGH SCHOOL STUDENTS.ICD XXIII, LLC - $16.2 MILLION FOR THE DEVELOPMENT OF AN EVENT VENUE AND MIXED USE RETAIL CENTER IN IOWA CITY, IOWA. THE PROJECT IS EXPECTED TO CREATE 552 NEW JOBS AND SPUR ADDITIONAL ECONOMIC DEVELOPMENT IN THE IOWA RIVER LANDING AREA.ICD XXIV, LLC AND ICD XXV, LLC - $10 MILLION FOR THE DEVELOPMENT OF A 21,000 SQUARE FOOT FACILITY TO HOUSE A BOYS AND GIRLS CLUB LOCATION ON THE CAMPUS OF DRAKE UNIVERSITY PROVIDING KIDS AND TEENS A SAFE, SUPPORTIVE PLACE TO BE AFTER SCHOOL AND DURING THE SUMMER WITH STRUCTURED PROGRAMS AND CARING STAFF ROLE MODELS.ICD XXVI, LLC - $17 MILLION TO SUPPORT RELOCATION OF TYSON FOODS TURKEY FEED MILL TO A 63-ACRE PROPERTY IN STORM LAKE IOWA.ICD XXVII, LLC - $2 MILLION TO SUPPORT THE DES MOINES HERITAGE TRUST HISTORIC DEPOT PROJECT IN THE EAST VILLAGE OF DES MOINES. THE DEPOT WILL BE HOST FOR DES MOINES' HERITAGE ORGANIZATIONS LIKE THE DES MOINES HISTORICAL SOCIETY, HISTORIC EAST VILLAGE, DES MOINES REHABBERS CLUB, AND OTHERS. THE DEPOT WILL PROVIDE OPPORTUNITIES FOR THE COMMUNITY TO LEARN MORE ABOUT DES MOINES' ARCHITECTURAL HERITAGE.ICD XXVIII, LLC - $2 MILLION TO SUPPORT A 9,000 SQUARE FOOT ADDITION TO THE HOYT SHERMAN PLACE THEATER WHICH WILL PROVIDE AN UPDATE TO THE CONCESSION AREA, ADDITIONAL SPACE ON THE BALCONY LEVEL, AND ADDITIONAL KITCHEN STORAGE AREA.ICD XXIX, LLC - $2 MILLION TO SUPPORT THE EXPANSION OF YOUTH AND SHELTER SERVICES FACILITIES IN MASON CITY, IOWA.ICD XXX, LLC - $13 MILLION TO SUPPORT THE LARGE-SCALE EXPANSION OF A PORK PROCESSING FACILITY LOCATED IN OTTUMWA, IA. THE PROJECT IS EXPECTED TO CREATE OR RETAIN 374 PERMANENT JOBS.ICD, XXXI, LLC