KDSN RADIO News
State of Iowa competing for $1 billion-plus business investment
The head of a state agency says she’s in negotiations that could launch a “big project” that would qualify for the state’s new “Major Economic Growth Attraction” or “MEGA” program incentives. Iowa Economic Development Authority director Debi Durham isn’t naming the company but is sharing some details.
“We are obviously working on a big project…We’re working with several other states at this point, but they purposely chose Iowa for two reasons…How we’ve gotten our competitive house in order with all the tax cuts that we’ve done responsibly and the investments we’ve done and regulatory reform,” Durham said during a news conference yesterday, “but more importantly passing that MEGA legislation was a game changer for us.”
The governor signed a law this spring authorizing up to $93 million in tax incentives for businesses investing at least $1 billion on a facility. “It is allowing us now to compete for projects that we were not even invited to participate,” Durham said.
To qualify for the state’s MEGA program, a project must cover at least 250 acres and be on one of the so-called certified sites around the state that are ready for development. According to the Iowa Economic Development Authority’s website, certified sites in Oskaloosa, Clinton, Princeton, Glenwood, Cedar Rapids, and Ames would qualify.