The Iowa Economic Development Authority (IEDA) was created in 2011 to replace the Iowa Department of Economic Development as part of the complete overhaul of Iowa’s economic development delivery model.
Our mission is to strengthen economic and community vitality by building partnerships and leveraging resources to make Iowa the choice for people and business. Through our two main divisions – business development and community development – IEDA administers several state and federal programs to meet its goals of assisting individuals, communities and businesses.
Iowa’s economy is strong and growing steadily. Iowa’s GDP in 2013 was $165 billion. During the past five years, Iowa experienced a 21.4 percent growth rate – the ninth largest in the nation. As the 4th best run state in the country, Iowa is in a great position to attract new businesses and to encourage expansions of already existing companies. Since January 2011, many great companies have found Iowa the perfect place to set up shop or expand.
Since January 2011, the Iowa Economic Development Authority has assisted 245 projects using the programs and funds authorized by the Iowa Legislature. From January 2011 through December 2014, the IEDA board had awarded direct financial assistance in the amount of $43.5 million and tax credits equaling $373.1 million. These incentives will bring projects to Iowa that are expected to result in 32,491 (direct, indirect and induced) jobs and $9.5 billion in capital investment for Iowa’s economy. These awards help companies of all sizes locating in communities around our state in the most rural counties to Iowa’s largest cities.
Financial Assistance Awards made July 2003 through June 2014
Each year, IEDA’s contract compliance team compiles a report of the status of each business project awarded or under contract. The FY14 annual report measures status and progress of projects awarded since 2003 and tracked by the compliance team. Below is an explanation for each status as well as an explanation on how they appear within the report.
Two versions of the IEDA Annual Report (by county and by status) are provided as PDF documents available within "Resources" box below.
Projects Awarded but not Reporting
Projects in this category can include those projects that have received an award by the IEDA board but at the time of the report were still in contract negotiations or were too new to be required to submit a report. These would encompass the most recent awards made prior to the annual report date cut-off of June 30, 2014.
These projects will appear under a heading titled “Too New” and will contain only the initial project information.
Projects not Proceeding
This category encompasses projects that were awarded incentives but have selected not to move forward in receiving funding. This doesn’t necessarily mean that the project won’t take place. Projects in this category include those for which awards were declined, rescinded or terminated. Within this report, these projects will be displayed under the following headings:
- Contract Terminated
Projects under Contract
This category encompasses the projects that have been awarded incentives through IEDA programs, have signed contracts with the state and are in either the “performance” period or “maintenance” period. In most cases, a project is required to meet job, wage and capital investment obligations by the “Project Completion Date”. Beyond the completion date, a project is required to maintain the obligated jobs and investment through the “Maintenance Date”. Within this report, these projects will be displayed under the following headings:
- Performance Period
- Maintenance Period
Projects in Default
Projects in this category were considered “in default” at the time of the annual report. The status of “in default” is temporary, since businesses are allowed a contractually designated cure period to correct the default. Reasons for being considered “in default” range from not filing required reports to not creating the obligated jobs or investment required by the contract.
These projects will appear under a heading titled "Projects in Default".
Projects in this category are considered “completed” at the time of the annual report. Each has been evaluated to determine if the project met all the terms of the contract. If so, projects are categorized as successful and are under no additional obligation to report information to IEDA regarding the project. If a project was unable to meet all terms required in the contract, the IEDA compliance team determined the award “recapture”, which consists of paying back all or a portion of the direct assistance provided by the state or returning (or not claiming) some or all tax credits that had been awarded. These projects would be categorized as either “full recapture” or “partial recapture” of the award. Within this report, these projects will be displayed under the following headings:
- Closed Projects - Successful
- Closed Projects - Full Recapture
- Closed Projects - Partial Recapture
- Various business assistance programs have been in effect during the time period covered in this report. A listing of the abbreviations used, the accompanying program name and definitions of column headings used in the spreadsheets can be found in the resources below.
- Program requirements have changed over the time period covered as well, either due to legislative or administrative rule changes or internal contracting and policy modifications. For example, some programs when originally created did not have job requirements, but later were changed to include job obligations.
- This report is created annually in an effort to aggregate and summarize the business projects receiving incentives through IEDA programs. In reality, each project is unique with its own story, and is treated accordingly. A comprehensive file is maintained for each project and a detailed review is completed for each as part of the compliance process.
IEDA is proud of the part it plays in growing Iowa’s economy. We welcome the opportunity to discuss this report in its entirety, or by individual projects.