Microsoft Corp. and Poet LLC were each granted awards this morning by the Iowa Economic Development Board, enabling the companies to move forward with two large projects in Iowa. Microsoft, which plans to build a West Des Moines data center with an estimated capital cost of nearly $594 million, will receive an incentive package from the state and the city of West Des Moines totaling more than $27.9 million, including more than $12 million in street and infrastructure improvements. The state will provide $2.1 million in construction sales tax refunds to the project, and West Des Moines will provide a $5.5 million match to Iowa Department of Transportation funds and property tax rebates of $2.8 million. The state board awarded Sioux Falls, S.D.-based Poet a $400,000 forgivable loan from the Value-Added Agricultural Products and Processes Financial Assistance Program. Poet’s $275 million project, which has already received $5.25 million from the state in addition to $80 million in U.S. Department of Energy funding and $14.75 million from the Iowa Power Fund, seeks to convert an existing Emmetsburg ethanol refinery into the first commercial scale biorefinery capable of converting corn fiber and corncobs into ethanol.

The U.S. House of Representatives yesterday approved a bill designed to streamline licensing of insurance agents doing business in multiple states. The National Association of Registered Agents and Brokers Reform Act of 2008, or NARAB II (H.R. 5611) would modify the original provisions of the Graham-Leach-Bliley Act to establish the NARAB as a private nonprofit entity to oversee licensing and continuing education on a national level, but continue to allow states to supervise and discipline agents and brokers. The measure, which is supported by the Independent Insurance Agents & Brokers of America, is not expected to be taken up by the Senate until next year.

General Growth Proprieties Inc. could face problems if banks continue to tighten lending, the Chicago Daily Herald reported. The second-largest U.S. owner of shopping malls and manager of Jordan Creek Town Center faces heavy debt maturities starting this year and continuing until 2013, according to Rich Moore, a managing director of RBC Capital Markets, who has an “underperform” rating on General Growth. The company was expected to announce the refinancing of more than $1 billion in debt by mid-October after announcing earlier this month that it repaid $391 million of near-term maturity mortgage loans, bringing its total loan facility amount outstanding to $1.41 billion. General Growth’s stock price has plummeted 50 percent this year.

Principal Financial Group Inc. is presenting this year’s 27th annual Inc. 500/5000 Conference and Awards today through Saturday in Washington, D.C. The event recognizes the 5,000 fastest-growing privately held companies in America, and this is the sixth year Principal has been a major sponsor. At the conference, Principal will highlight innovative employee benefits solutions designed to help entrepreneurs recruit and retain talented employees and will showcase winners of “The Principal 10 Best Companies for Employee Financial Security.”

The Better Business Bureau (BBB) will host “Secure Your ID” day this Saturday at the Dahl’s Foods store at 4343 Merle Hay Road, Des Moines. BBB staff will be on-site to provide advice and tips for identity theft prevention and will offer free on-site document shredding.

The American Institute of Architects Iowa Convention will take place Sept. 25-26 at the Polk County Convention Complex, 501 Grand Ave., Des Moines. The theme of the event is “Kicking Habits: Resolution to Save the World (From Ourselves)” and will focus on Iowa architects’ SustAIAnability 2030 goal to create carbon-neutral buildings by 2030. For a complete agenda and more information, go to www.aiaiowa.org.