15 Top Deals of 2015
A look back at the top deals that shaped the business community in 2015
BPC Staff Dec 25, 2015 | 12:00 pm
21 min read time
5,036 wordsAll Latest News, Arts and Culture, Banking and Finance, Business Record Insider, Economic Development, Education, Energy, Innovation and Entrepreneurship, Real Estate and Development, Retail and Business, TransportationDealmakers are extraordinary problem solvers. Often, we admire them for their vision and ability to create something great. Sometimes, however, they are forced to use their skills to keep a bad thing from getting worse.
That was the lesson for the Business Record staff as we reviewed 2015 to pick our annual year-end list of top deals. This year, we were reminded that in our “Top Deals” label, the word “top” refers to most important deals of the year, not necessarily the best, or even good, ones.
The past year gave Greater Des Moines’ most astute dealmakers the chance to get a downtown convention center hotel financed, to increase the state’s wind power capacity and, finally, to push through a gasoline tax increase to finance much-needed repairs and improvements to Iowa’s roads and bridges.
Some deals had national or global impact. Scientists in Iowa advanced vaccines for the deadly Ebola virus, a potential world threat, and for avian flu, which devastated poultry farms in the Midwest the previous year.
Also, 2015 elevated some new leaders, who were challenged to find the best way out of bad situations: the bankruptcy of an iconic Des Moines grocery chain, the collapse of a health insurer in the Affordable Care Act marketplace and the pollution of Iowa’s waterways.
Successful dealmakers usually are most effective working outside the limelight, quietly making things happen. But not always.
Des Moines Water Works CEO Bill Stowe thrust himself and his agency into public controversy by suing three northwestern Iowa counties, saying their drainage districts were sending excessive amounts of nitrate into the Raccoon River in violation of the federal Clean Water Act. The lawsuit has pitted the water utility and Stowe against some of the most powerful agricultural players in the state. It has also brought a long-simmering issue of polluted waterways to a boil and new problem solvers to the table.
Perhaps we’ll be writing about solutions as one of the top deals of 2016.
– Anne Carothers-Kay, managing editor
AIB closing, offers campus to University of Iowa
Deal details: AIB College of Business and University of Iowa officials in January announced plans to convert AIB into a Des Moines campus of the University of Iowa after AIB closes in June 2016. The Iowa Board of Regents subsequently announced that the campus would be used as a center for classes offered by Iowa’s three public universities, but the center would be managed by the University of Iowa. In September, Board of Regents President Bruce Rastetter said the regents had hired a consultant to study the best possible use for the campus, which opened the door to a potential sale of the campus, but the regents subsequently approved the deal to operate a combined university center there.
Deal-makers: Former University of Iowa President Sally Mason, AIB President Nancy Williams and Chris Costa, AIB board chairman, led the efforts to negotiate the agreement, which was supported by Iowa Board of Regents President Bruce Rastetter.
The impact: The deal sets the stage for the University of Iowa to begin operating a Des Moines satellite campus. The University of Northern Iowa and Iowa State University may offer classes there as well.
Runner-up: New presidents at Drake, University of Iowa
New leaders took the reins at both the University of Iowa and Drake University in 2015. Marty Martin, a former Air Force attorney and law school dean, began as the 13th president of Drake on July 1, following a nationwide search for a successor to the retiring David Maxwell. At UI, former IBM Corp. executive Bruce Harreld found himself at the center of protests by faculty and students over his appointment as university president, given his lack of prior academic leadership experience.
CoOportunity Health failure and shutdown
Deal details: In late 2014, CoOportunity Health announced it was potentially insolvent, triggering a takeover of the member-owned cooperative insurer by the Iowa Insurance Division in early 2015, which led to the company being dissolved. In March, the Iowa and Nebraska Life and Health Insurance Guaranty Associations began paying health care providers more than $80 million in outstanding eligible claims for health care services provided to CoOportunity Health members in Iowa and Nebraska, with the expectation that money recouped from federal insurance programs would help pay back the state associations.
Deal-makers: Iowa Insurance Commissioner Nick Gerhart led the Iowa Insurance Division’s efforts to unwind the operations of the failed health insurance company.
The impact: Thousands of group and individual policyholders across Iowa and Nebraska had to scramble to obtain new coverage as state regulators worked overtime to wrap up the business operations of the failed insurance company. In August, the federal government reported it may be out $140 million in loans it made to CoOportunity. CoOportunity’s failure also reduces the competition among companies selling health insurance through the marketplace.
Runner-up: Launch of the Global Insurance Accelerator
Six teams of insurance entrepreneurs traveled to Des Moines to receive 100 days of mentoring and support as the inaugural class of the Global Insurance Accelerator in Des Moines. The innovative program has gained further accolades for Des Moines as a leading intersection for insurance and entrepreneurism.
NewLink Genetics develops potential Ebola vaccine
Deal details: In February, NewLink Genetics Corp. achieved a key clinical trial for its Ebola vaccine candidate and received a payment of $20 million from pharmaceutical giant Merck & Co. for meeting the milestone. NewLink later received an additional $18 million from the U.S. Department of Health and Human Services to boost the manufacture of its potential Ebola vaccine, adding to an initial $30 million grant it received from the federal government. The vaccine originally was developed by the Public Health Agency of Canada and was subsequently licensed to a subsidiary of NewLink Genetics. In late 2014, Merck licensed the vaccine from NewLink Genetics to apply Merck’s vaccine expertise to help accelerate its development.
Deal-makers: NewLink founder Dr. Charles Link, chairman, CEO and chief scientific officer, leads the company’s groundbreaking efforts in cancer treatment research.
Impact: The initiation of large-scale clinical trials in Africa, where the Ebola virus raged, represents another step toward finding a solution for this difficult global problem. The Ebola epidemic ravaging parts of West Africa is the most severe acute public health emergency seen in modern times, global health officials have said.
Runner-up: Harrisvaccines announces avian flu vaccine
Ames-based vaccine producer Harrisvaccines Inc. was granted U.S. Department of Agriculture conditional licensure of its avian influenza vaccine. Harrisvaccines said that its SirraVax technology allows for the vaccine to be easily updated to match current and future strains of avian influenza. The fast-moving, highly contagious disease has devastated producers across the nation.
Water Works’ lawsuit prompts focus on water quality
Deal details: Des Moines Water Works in March sued Sac, Buena Vista and Calhoun counties over nitrate pollution from farms, arguing that the counties’ drainage districts should be regulated under the U.S. Clean Water Act through federal permits. The unprecedented lawsuit set off one of the most emotional and lively environmental debates Iowa has seen and has forced more pressing discussion of how to clean waterways. Many groups representing farm, business and environmental organizations have used the lawsuit to push for more money for voluntary conservation efforts, aside from the legal debate over regulations. The Greater Des Moines Partnership formed a task force, led by Larry James and Steve Bruere to come up with legislative proposals.
Deal-makers: Water Works General Manager and CEO Bill Stowe has been the face of the utility, before and after the board vote. Water Works board Chairman Graham Gillette has been highly visible too. The roster of people opposing the lawsuit has included Republican Sen. Randy Feenstra of Hull, who called for a Des Moines boycott that never materialized, Gov. Terry Branstad, Iowa Agriculture Secretary Bill Northey, the Iowa Soybean Association, Agriculture’s Clean Water Alliance, and the newly formed Iowa Partnership for Clean Water and its leaders, including Cedar Rapids Mayor Ron Corbett and Des Moines City Councilwoman Christine Hensley.
The impact: This lawsuit could change the way farming is regulated by the federal government. Should Water Works win, it’s possible that drainage districts would be required to get federal permits controlling some aspects of their operations in an effort to cut pollution. However, some observers have noted that the U.S. Environmental Protection Agency could, even in the event of a Water Works win, issue a so-called general permit that changes little. No matter what the legal outcome is, the lawsuit is expected to result in more conservation efforts and added monitoring to check their success. The Partnership’s task force, led by Larry James and Steve Bruere, plans to release its final proposals and begin lobbying after the governor’s budget address in mid-January.
Runner-up: MidAmerican to add more wind turbines
MidAmerican Energy Co. in May announced a $900 million wind energy expansion in Ida and O’Brien counties, positioning itself to have 2,000 wind turbines in the state by the end of 2016. The utility also decided to experiment with concrete wind-turbine towers, which are taller to take advantage of stronger winds.
Life and annuity company acquisitions
Deal details: Three insurers with headquarters or major operations in Greater Des Moines were involved in mergers and acquisitions. In June, Magic Johnson Enterprises announced it had acquired a majority, controlling interest in EquiTrust Life Insurance Co. In August, Sumitomo Life Insurance Co. of Japan agreed to acquire Symetra Financial Corp. — which in 2014 opened a West Des Moines office and changed its state of domicile to Iowa — for $3.8 billion. In November, Beijing-based Anbang Insurance Group Co. Ltd. reached a definitive merger agreement to buy Fidelity & Guaranty Life for nearly $1.6 billion. Fidelity & Guaranty moved its headquarters to downtown Des Moines from Baltimore in 2013.
Deal-makers: The leaders of the respective acquiring companies include sports legend turned businessman Earvin “Magic”’ Johnson, CEO of Magic Johnson Enterprises, along with two business people you’ve likely never heard of: Masahiro Hashimoto, CEO of Sumitomo Life, and Wu Xiaohui, chairman of Anbang Insurance Group.
The impact: Provided the deals result in the companies maintaining their headquarters or presence in Greater Des Moines, they would increase international presence in what is already a global stake in the industry by Iowa insurers.
Runner-up: Mercy hospital system acquisitions
Greater Des Moines-based Mercy Health Network became even larger in 2015. In July, Mercy announced that Wheaton Franciscan Healthcare’s Iowa facilities will join the Mercy network. The transfer of facilities included Covenant Medical Center in Waterloo, Sartori Memorial Hospital in Cedar Falls and Mercy Hospital of Franciscan Sisters in Oelwein. Mercy Medical Center – Des Moines also completed its acquisition of Skiff Medical Center in Newton.
City of Des Moines revises its property tax abatement program
Deal details: After several months of staff work, public meetings and dire predictions that the city might kill off future development if it gutted its tax abatement program, the Des Moines City Council approved changes to various programs that had provided a rebate of property taxes to developers and homeowners. The effort got some serious traction after City Councilman Chris Coleman, reacting to concerns expressed by neighborhood groups, sought a moratorium on the construction of large apartment complexes, with an exception granted to senior housing projects. Such an action would have violated federal housing laws, but a majority on the City Council still wanted to remove some incentive to develop those big multifamily projects. The new program, which will take effect Jan. 1 and expire in five years, scales back the boundaries of an area that offered the most lucrative rebates, alters those abatements and limits abatements for multifamily projects in neighborhoods to row house-style buildings (a short-term exemption to that provision recently gained City Council approval) of no more than eight units.The revised program will sweeten rebates for improvements to single-family homes and apartment buildings.
Deal-makers: A range of people loomed large in the debate, including Councilman Coleman, the city’s Community Development Department and City Manager Scott Sanders, who maintained after public hearings in which the city caught an earful of complaints from developers that the intent of the hearings was to allow residents to know what was coming and not to divert implementation of the program.
The impact: Some developers of residential properties still warn that the city could be driving them and future taxpayers out of the city at a time when changes to state property tax law threaten city revenues. For the time being, the city appears content to see how the program plays out over the next five years before making additional changes.
R&R Realty buys an inflatable driving range, and more
Deal details: R&R Realty Group paid $4.5 million for 81.5 acres that included an inflatable driving range. The real estate brokerage, property management and development company wasn’t in the deal for the golf. The property sits south of Northwest 54th Street, west of 100th Street and north of Interstate 35/80 in an area that will undergo big improvements in coming years, including an interchange.
Deal-makers: George and Sue Frampton had the property listed for sale for several years. NAI Optimum was the broker and a few years back thought a potential buyer was businessman Gary Kirke, co-founder of Kirke-Van Orsdel Inc., a key player in the development of Glen Oaks and West Glen Town Center, and chairman of casino developer and operator Wild Rose Entertainment. Kirke wanted a casino in Greater Des Moines and had an option to buy the Frampton property. That deal didn’t work out. R&R, always ready to pick up potential development land, chose the site, which sits in an area prime for office and light industrial development, just the types of projects that appeal to the West Des Moines firm. R&R general counsel Steve Gaer said the company doesn’t have a use for the golf facility, but it is listening to offers from people in need of a big inflatable building. Just one thing: You want it, you move it, Gaer said.
The impact: The purchase leads to prospects for another first-rate R&R development in Urbandale. R&R President Mark Rupprecht said his company will begin working on master plan this winter. Until the best use is determined, the land will be farmed.
DOT approves new Highway 141 interchange
Deal Details: In July, the Iowa Department of Transportation endorsed a new interchange at Iowa Highway 141 and Interstates 35/80 that would include a flyover ramp from northbound 35/80 to 141. Plans also call for a half diamond interchange at Meredith Drive and a full interchange at Northwest 100th Street. The plans were controversial among businesses near the proposed interchange, but state transportation officials said the changes would help keep traffic from backing up onto the highways, as it does now.
Deal-makers: There were many, but Urbandale city officials have pushed hard for the 100th Street interchange, and area development officials have long lobbied for the improved access at Iowa Highway 141. DOT engineer Scott Dockstader was instrumental in all the work.
Impact: The new interchanges are expected to open a large area north of I-35/80 for development near 100th Street, in addition to making traffic safer at Highway 141 and I-35/80.
Runner-up: Bus rapid transit proposal derailed
The reasonably straight line march toward a $25 million bus rapid transit line in Des Moines veered into a ditch in July when suburban political interests prompted the Des Moines Area Regional Transit Authority to scrap plans to seek a $20 million federal grant for the project. That led the Greater Des Moines Partnership, which supported the project, to form a task force on the issue and to lead fact-finding trips to Grand Rapids, Mich., and Kansas City, Mo., which have that type of system. It appears likely that the proposal, if it is revived, will feature a different route.
Gannett Co. Inc., parent company of The Des Moines Register, splits
Deal details: In June Gannett Co. Inc. completed a spinoff that moved the company’s lucrative broadcasting and digital operations to a newly created Tegna Inc. and left the shrinking newspaper holdings under Gannett. Gannett also planned to find ways to tap the talent in its 92 communities to feed national reports. The day of the split, Tegna shares closed at $31.63, 6 percent above the previous close of $29.71. Gannett closed 5 percent lower at $14.13. Tegna closed at $28.19 on Nov. 30, and Gannett finished at $17.09.
Deal-makers: The Gannett board of directors had to have worked on this for years. Robert Dickey, who had run the newspaper operations, became CEO of Gannett. Tegna is led by President and CEO Gracia Martore, who had previously led Gannett and was the force behind the split. As Gannett CEO, she doubled the company’s broadcast holdings.
Impact: Many media watchers expect Gannett to be sold, or perhaps more realistically, to sell newspapers individually or in small groups. The split left Tegna with the most financially lucrative holdings, as layoffs continued to shrink the workforce on the Gannett side.
Runner-up: Meredith eyes merger
In September, Meredith Corp. and Media General Inc. announced a $2.4 billion merger deal. However, that deal came into question after Nexstar Broadcasting Group Inc. made an unsolicited bid to buy Media General, whose stockholders had questioned the Meredith merger. The fate of the proposed Meredith-Media General merger remained in question in late 2015.
RIP: Dahl’s Foods, 1931-2015
Deal details: Dahl’s Foods, a company that wasn’t afraid to break new ground in the grocery business, ceased operations in March 2015, five months after it filed for bankruptcy, saying it had $44 million in assets and $41 million in debts. Dahl’s also said it had a potential buyer, Associated Wholesale Grocers Inc. of Kansas City, Kan., the nation’s second-largest retailer-owned grocery wholesaler. At the time of the filing, AWG was Dahl’s biggest supplier and largest creditor.
Deal-makers: Most observers believe the Dahl’s bankruptcy was set in motion when the company agreed to buy most of its groceries from AWG. Two of AWG’s member companies are Price Chopper and Cash Saver, which have acquired seven of the 10 former Dahl’s stores that were operating at the time of the bankruptcy filing. Price Chopper hangs its name over five stores; Cash Saver operates two. The remaining three stores have closed and two of the properties have new owners. Craig Moore, who was Dahl’s CEO at the time of the bankruptcy, is the CEO of DGS-Acquisitions LLC, an AWG affiliate that operates in Des Moines as Price Chopper and Cash Saver.
The impact: The deal kept seven of 10 grocery stores in the Greater Des Moines area open, albeit under different names. A health food store is setting up shop in the parking lot of the former Dahl’s store at 86th Street and Hickman Road in Clive, and Kum & Go LC plans a convenience store in the parking lot of a former Dahl’s at 50th Street and E.P. True Parkway in West Des Moines. In both instances, the structures that once sported the Dahl’s name are still standing, and there are no immediate plans to tear them down. But in saying goodbye to Dahls, we can’t help but mention just a few of the firsts Dahl’s achieved during its 84 years in Greater Des Moines. The first Dahl’s supermarket opened in 1948 in Beaverdale, featuring the first grocery store bakery between the Mississippi River and the Rocky Mountains. In 1952, Dahl’s broke new ground again, offering a lunch counter. In 1981, groceries were purchased using a debit card, the first such transaction in the world, and it happened at a Dahl’s.
Runner-up: Hurd brings tony retailers to busy West Des Moines intersection Hurd Real Estate Services brought Fresh Market, one of the country’s fastest-growing grocery chains, and tony outdoors retailer Recreational Equipment Inc. (REI) to the Greater Des Moines market. Both opened in the fall at Hurd’s Mills Crossing development at 60th Street and Mills Civic Parkway in West Des Moines.
Advocates persuade Des Moines to allow food trucks downtown
Deal details: In April, a long campaign by diverse lovers of food on wheels resulted in approval of a now-extended pilot project to allow food trucks on city streets in several key areas. The idea was to add a new vibe to areas such as the East Village, Western Gateway Park and the Courthouse area. Some restaurants complained they would lose business to vendors who don’t have much overhead, including property taxes, but the popularity of gourmet tacos, smoked meats and offbeat menu items won out.
Deal-makers: Food truck owners, and those who wanted to get into the business, obviously, were key here. They formed an association to add spice, so to speak, to their political maneuverings. They got a big assist from food truck co-owner Zack Mannheimer, a high-profile young professional and the driving force behind the Des Moines Social Club. Another key player: Drake University law student Kelly Ramsey, who contended that Des Moines street life needed the variety and the surprise element the food trucks offer. Lastly, Kandi Reindl, assistant to the city manager, led much of the work at City Hall.
The impact: A couple of food truck festivals downtown have brought on pedestrian gridlock, illustrating the high demand. The trucks have been another lure to downtown, and the City Council extended the pilot. It appears that the trucks are likely here to stay.
Runner-up: Cowles Commons opens
In June, the $12 million conversion of Nollen Plaza to Cowles Commons wrapped up with a wine festival. The renovation drew on support from foundations, private donors, local governments and Des Moines Performing Arts, which has run the space since 1979. The new space features water and light displays, peace quotes engraved in concrete benches, sculptures and a flatter, safer surface for events or casual breaks.
Campaign launches to end hunger in Polk County
Deal details: The Polk County Board of Supervisors and more than 100 partners issued a challenge in October to Greater Des Moines to eliminate a problem that affects more than 70,000 county residents. The Partnership for a Hunger-Free Polk County seeks to raise $10 million to reduce or eliminate food insecurity among county residents. Sarai Rice, executive director of the Des Moines Area Religious Council, estimates that one in five children and one in eight adults in Polk County go hungry daily.
Deal-makers: Polk County Supervisors John Mauro and Angela Connolly are leading the collaborative effort, which was suggested by Jim Marcovis, owner of G&L Clothing Inc. The Partnership for a Hunger-Free Polk County is a collaboration between the Polk County Board of Supervisors and the Polk County Health Department as well as human service nonprofits, including the Des Moines Area Religious Council, which operates food pantries throughout the metropolitan area; Urban Dreams; Meals on Wheels; Eat Greater Des Moines; and local food banks.
The impact: The partnership’s goal is to improve communication between all entities, increase awareness of and access to services for food-insecure residents, secure more money to explore systematic ways to collect more food, and, in the end, work together to reduce hunger in Polk County.
Runner-up: Partnership targets asthma increase through housing
The Healthy Homes East Bank initiative targets deteriorating housing in the Capitol Park, Martin Luther King Jr. Park, and Capitol East neighborhoods, where moisture, mold and pests have led to elevated rates of asthma. Funded by a $250,000 matching BUILD Health Challenge grant, the project will leverage $500,000 in hospital funding and in-kind services from social services agencies in Greater Des Moines. The money also will help renovate homes and provide medical services for selected families in those neighborhoods.
Bankers Trust leads lenders to a convention center hotel
Deal Details: Bankers Trust Co. is leading a consortium of eight Iowa community banks to provide the $36 million first-lien loan that will finance the $101 million Iowa Events Center Hotel that will be under construction in March at Fifth Avenue and Park Street. Bankers Trust will continue as the trustee and de facto owner of the hotel until all elements of the complicated financing structure for the project are paid off.
Deal-makers: You can credit the role Bankers Trust is playing to one man, Suku Radia. He won’t take the credit, of course. But there is little doubt that when Bankers Trust President and CEO Radia understood that the construction of the long-sought hotel could be a reality, the bank would play a lead role. Think about this: The hotel, with its 330 rooms, will compete for guests with the Des Moines Marriott Downtown, the hotel that was built by the Ruan family with help of prominent businesses and business leaders. Well, you can argue that a little competition is good for everyone, but there is an even bigger consideration at play. Could Bankers Trust get burned on the financing should hotel revenues fall flat? Private investors didn’t line up at the door to finance the hotel, and, as a result, supporters turned to a controversial federal program to provide $20 million in gap financing for the project. Radia and his crew at Bankers Trust have made certain that the loan participants are well-protected, insiders say, and the city’s oldest lender is at the forefront of a signature project that looks to be an eight-year-old dream come true for backers.
Impact: As with many major development moves, Bankers Trust emerged as the lender willing to take the risk of financing a project that may or may not return dividends. The lender stepped up when Des Moines Redevelopment Co., a group of businesses and business leaders, needed a bank to support their efforts to buy property, such as the convention center site, and hold it for development. In that case, other larger lenders said they would participate, then stepped away. After months of heavy-duty numbers crunching, Bankers Trust stepped forward to put together the group of lenders involved in the hotel loan. Most of the participating banks signed off on the loan within days of meeting with Bankers Trust officials. Without the leadership of Bankers Trust, supporters might still be looking for a lender.
Court Avenue being transformed, again
Deal details: A single block of Court Avenue is the site for three major revitalization projects valued at nearly $130 million. On both sides of Court Avenue, from Fourth Street to Fifth Avenue is: construction of a $28 million Hy-Vee grocery store and 82-unit apartment building; a $16 million renovation of the Randolph Hotel and adjoining Youngerman Building and Earle and Le Bosquait Building; and plans to redevelop a parking garage into a 32-story, $85 million mixed-use tower with apartments, a movie theater and jazz club, even a climbing wall.
Deal-makers: Hy-Vee Inc. and Knapp Properties Inc. are the movers behind the grocery store and apartment project that is being built at a former city parking lot at 420 Court Ave. Sherman Associates Inc. of Minneapolis has taken on the historic renovation of the Randolph Hotel and adjoining buildings. Justin Mandelbaum of Mandelbaum Properties is prepared to reveal more detailed plans of its high-rise project early next year.
Impact: The Mandelbaum project will change the downtown skyline, the Hy-Vee grocery store provides an amenity that has been sought by planners and downtown residents for many years, and the Randolph Hotel project will rejuvenate several dilapidated structures.
Runner-up: River Point West/Gray’s Landing construction finally underway
This one was getting a little stale. In 2007, Minneapolis-based Sherman Associates Inc. entered into a complicated deal with the city of Des Moines and the federal government to develop a large swath of old industrial and railroad land between Martin Luther King Jr. Parkway and the Raccoon River. Sherman was the recipient of an $8 million loan that went from the feds to the city to Sherman. The company bought some properties, made some infrastructure improvements, and did little else for eight years. However, Sherman is making good on at least part of the deal now by nearing completion on a Holiday Inn Express and turning dirt for the construction of two apartment buildings and a 72,000-square-foot office building. It also is setting an example for controlling stormwater at the site.
Gasoline tax finally approved
Deal details: The Iowa Legislature increased the gasoline tax by 10 cents per gallon on March 1, opening the door for $3.2 billion in projects in the next five years, most of them fixing what already is in place. It was the first gasoline tax increase since 1989, and it is expected to generate $200 million a year.
Deal-makers: The vote had many lawmakers nearly sick to their stomach in today’s “thou shalt not raise taxes” atmosphere. The day after the vote, the Capitol mood was somber. This deal came down to the ability of House Speaker Kraig Paulsen and Senate Majority Leader Michael Gronstal to rally the troops. A big assist came from Iowa Department of Transportation Director Paul Trombino and his staff, who detailed exactly how the money would be spent: on high-priority projects, many of them important to economic development.
The impact: As soon as the bill was signed by Gov. Terry Branstad, the DOT moved into action, approving new long-range plans and getting to work fixing the roads. The projects tied into Trombino’s broader work with Debi Durham, director of the Iowa Economic Development Authority, to set priorities for transportation projects that make shipping easier and support other economic development.
Runner-up: State approves more solar energy aid
At the end of the 2015 session, the Legislature voted to increase the amount of solar power than can qualify for a production tax credit, and also increased the pool of tax credit funds available. The measures were intended to boost the solar energy industry in Iowa.
Trending News
