Message from the Iowa Economic Development Board Chair
On behalf of the Iowa Economic Development Board, it is an honor to respectfully submit this report. Over the past year, the Board has had the distinct privilege to responsibly and effectively manage the state’s financial assistance programs to help create high-quality jobs in Iowa. The state’s business development awards are creating balanced economic growth across the state, providing thousands of Iowans with high-paying careers. And while the past 12 months have been very successful, our Board believes that there is no finish line in economic development. We will continue our work to aggressively recruit and retain high-quality companies and jobs to Iowa. We look forward to continue working with the Iowa Department of Economic Development, Governor Chester J. Culver and the Legislature and keep Iowa’s economy moving forward.
Bob Bocken, Iowa Economic Development Board Chair |
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Message from the Director
January 17, 2008
Governor Culver
Lt. Governor Judge
Iowa Legislature
Citizens of Iowa
Following is the 2007 Annual Report of the Iowa Values Fund (IVF 2005) and Business Assistance Programs covering activity during Fiscal Year 2007 (FY ‘07) and cumulative for the first four years of the Iowa Values Fund Programs.
The IVF (2005) is the primary funding source for a menu of financial assistance programs the Iowa Department of Economic Development (IDED) offers as incentives to Iowa companies to expand here, to recruit new companies into Iowa and assist new entrepreneurial ventures. In addition to IDED the law appropriates IVF (2005) funds for economic development activities to the Board of Regents, the Departments of Cultural Affairs and Natural Resources and to Community Colleges for certain workforce training programs. In addition to the IVF (2005), IDED allocates a portion of Community Development Block Grant and Federal Emergency Stimulus funds and several tax credit programs, all of which are included in this report.
FY ‘07 was a good year for the Iowa economy and a busy one for IDED. One hundred twenty-seven new projects in eighty-three communities were approved by the Board and myself. These projects are projected to create 1,762 jobs and retain 284. Of those, 1,971 were under contract at year end. We awarded $12,074,600 ($3,126,834 released) of incentives which leveraged $1,110,483 of local investment and $462,574,045 in private investment. Since July 1, 2003, a total of 441 projects have been approved by the Board and myself which when fulfilled (after adjusting for projects not going forward or not contractually-obligated) will create or retain a total of 23,548 jobs. Of the approved projects, 59 were eventually declined or rescinded.
Administration of the IVF (2005) was overhauled during this period to meet Governor Culver’s and Lt. Governor Judge’s commitment to the highest level of transparency and accountability in economic development programs. A dedicated Legal and Compliance Team was established under IDED’s General Counsel, reporting by companies was simplified, a department–wide information management system is in development, the first set of 16 contracts were closed, and an on-line annual report has been rolled out. Also, during this period the Auditor of State conducted a comprehensive review of these programs and those recommendations have been implemented as well as we are able.
Iowans can be proud of the openness of this 2007 report. The entire status report is available on IDED’s Web site, www.iowalifechanging.com/compliance. All citizens will be able to search the report by company name, by location and many other search criteria.
IDED and its Board appreciates the Culver/Judge administration support and the Legislative enactment of a ten year program to spur economic development activity across the state of Iowa.
On behalf of all IDED staff, we thank you for allowing us help to keep Iowa’s economy moving forward.
Sincerely,
Michael L. Tramontina
Director
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Commission on Volunteer Services
