Our Agency

   

MOTION:  Rich Hichwa moved that the TCC recommend that the IEDA Board award up to $50,000 to each of the businesses listed above, $25,000 upon receipt of a SBIR/STTR award and $25,000 upon submission of a Phase II proposal during the 12-month period after the date of IEDA Board approval, seconded by Davin Hills. Motion carried unanimously.

Emily Harris disclosed that she has a conflict of interest, necessitating that she recuse herself from discussion and action regarding MTI BioTech, and exited the meeting.  A copy of the notice of conflict is attached to these minutes.

MTI BioTech

MOTION:  Rich Hichwa moved that the TCC recommend that the IEDA Board award up to $50,000 to MTI BioTech, $25,000 upon receipt of a SBIR/STTR award and $25,000 upon submission of a Phase II proposal during the 12-month period after the date of IEDA Board approval, seconded by Davin Hills. Motion carried unanimously of all members present.

Emily Harris returned to the meeting.

Closed Session

MOTION:

Rich Hichwa moved that the TCC go into closed session at 10:02 a.m. pursuant to Iowa Code sections 21.5(1)a, 15.118, 22.7.3, and 22.7.6 to review and discuss records IEDA is required to treat as confidential under Iowa law.  The motion was seconded by Davin Hills.  Roll call vote was taken.  Motion carried unanimously.

TCC members present for closed session – Rich Hichwa, Pankaj Monga, Hank Norem, Emily Harris, Davin Hills, and Kathy Zehr. Others present during closed session:  IEDA - Rita Grimm, Katie Rockey, Paul Stueckradt, Gail Kotval, and Kerri Yost; VentureNet Iowa – Adrienne Greenwald, Liz Keehner and Mallory Stanek; and Iowa Innovation Corporation - Anne Price.

Mitchell Hora and Kyle Anderson of Continuum Ag entered the meeting at 10:04 a.m. and exited at 10:24 a.m.

Gail Kotval exited the meeting at 10:24 a.m. and returned at 10:26 a.m.

Jackson Kimle and John Kalen of Kimle Aquaculture entered the meeting at 10:31 a.m. and exited at 10:45 a.m.

Paul Stueckradt and Kerri Yost exited the meeting at 10:45 a.m. and returned at 10:47 a.m.

Anne Price exited the meeting at 11:00 a.m. and returned at 11:02 a.m.

Gail Kotval exited the meeting at 11:04 a.m. and returned at 11:06 a.m.

Rita Grimm exited the meeting at 11:06 a.m. and returned at 11:08

Pankaj Monga exited the meeting at 11:06 a.m. and returned at 11:09

Zach Kowalik of Original Appearance Manufacturing entered the meeting at 11:07 a.m. and exited at 11:20 a.m.

Gail Kotval exited the meeting at 11:20 a.m. and returned at 11:23 a.m.

Katie Rockey exited the meeting at 11:26 a.m. and returned at 11:28 a.m.

Craig Steen of JBI Distributors entered the meeting at 11:27 a.m. and exited at 11:50 a.m.

Gail Kotval exited the meeting at 11:46 a.m. and returned at 11:51 a.m.

Rita Grimm exited the meeting at 11:49 a.m. and returned at 11:57 a.m.

Kerri Yost excited the meeting at 11:51 a.m. and returned at 11:52 a.m.

Katie Rockey exited the meeting at 11:53 a.m. and returned at 11:54 a.m.

Gail Kotval exited the meeting at 11:57 a.m. and returned at 12:00 p.m.

TCC Chair Kathy Zehr announced a break from 11:58 a.m. to 12:03 p.m.

Frank Maher, Mike Seiler, Larry Young, and John Kalen of G KAT entered the meeting at 12:13 p.m. and exited at 12:46 p.m.

Gail Kotval exited the meeting at 12:14 p.m. and returned at 12:16 p.m.

Hank Norem disclosed that he has a conflict of interest, necessitating that he recuse himself from discussion and action regarding G KAT, and exited the meeting at 12:49 p.m.  A copy of the notice of conflict is attached to these minutes.

Open Session

MOTION: Rich Hichwa moved that the TCC go back into open session at 12:58 p.m., seconded by Emily Harris.  Hank Norem was not present when the vote was taken.  Motion carried unanimously of all members present.

G KAT – Des Moines

MOTION: Pankaj Monga moved that the TCC recommend that the Iowa Economic Development Authority Board approve a $250,000 Innovation Acceleration Propel award to be repaid through loan payments with terms as follows: the award amount paid back at an interest rate of 3%, a 5-year loan term, and a 6-month deferral, with release of funds contingent upon submission of a revised application with G KAT and A-TEC as co-applicants and corecipients responsible for repayment of the loan, seconded by Rich Hichwa.  Roll call vote was taken.  Hank Norem was not present when the vote was taken.  Motion carried unanimously of all members present.

Hank Norem returned to the meeting.

Continuum Ag – Washington

MOTION: Hank Norem moved that the TCC recommend that the Iowa Economic Development Authority Board approve a $25,000 Proof of Commercial Relevance (POCR) award to be repaid through royalty payments with terms as follows: repayment amount is $25,000 paid back at 3% of total gross revenue for a calendar year with each payment due June 1 of the following calendar year, seconded by Davin Hills.  Roll call vote was taken.  Motion carried unanimously

Kimle Aquaculture – Ames

MOTION: Emily Harris moved that the TCC recommend that the Iowa Economic Development Authority Board approve a $100,000 Demonstration Fund award to be repaid through royalty payments with terms as follows: repayment amount is 1.33 times the award amount paid back at 3% of total gross revenue for a calendar year with each payment due June 1 of the following calendar year, with release of funds contingent upon providing satisfactory documentation that the business has raised $900,000, seconded by Pankaj Monga.  Roll call vote was taken.  Motion carried unanimously.

Original Appearance Manufacturing – Ames

MOTION: Hank Norem moved that the TCC recommend that the Iowa Economic Development Authority Board approve a $100,000 Demonstration Fund award to be repaid through loan payments with terms as follows: the award amount paid back at an interest rate of 3%, a 5-year loan term, and a 6-month deferral, seconded by Rich Hichwa.  Roll call vote was taken.  Motion carried unanimously.

JBI Distributors – Red Oak

MOTION: Rich Hichwa moved that the TCC recommend that the Iowa Economic Development Authority Board approve a $100,000 Demonstration Fund award to be repaid through royalty payments with terms as follows: repayment amount is 1.33 times the award amount paid back at 3% of total gross revenue for a calendar year with each payment due June 1 of the following calendar year, seconded by Davin Hills.  Roll call vote was taken.  Motion carried unanimously.

Closed Session

MOTION: Davin Hills moved that the TCC go into closed session at 1:14 p.m. pursuant to Iowa Code sections 21.5(1)a, 15.118, 22.7.3, and 22.7.6 to review and discuss records IEDA is required to treat as confidential under Iowa law.  The motion was seconded by Hank Norem.  Roll call vote was taken.  Motion carried unanimously.

Jerry Handsaker and Harry Aller of Innovative Lighting entered the meeting at 1:21 p.m. and exited at 1:38 p.m.

The TCC Committee called Benjamin Rempe of LenderClose at 1:44 p.m. and ended the call at 1:49 p.m.

The TCC Committee attempted to call David Schwindt of L8NT at 1:52 p.m. but was unsuccessful.

Open Session

MOTION: Davin Hills moved that the TCC go back into open session at 1:54 p.m., seconded by Hank Norem.  Motion carried unanimously.

Innovative Lighting – Roland

MOTION: Davin Hills moved that the TCC recommend that the Iowa Economic Development Authority Board deny the request for a second 12-month deferral of the balloon payment and approve re-amortizing the amount remaining to be paid over 24 months at 3% interest, seconded by Emily Harris.  Roll call vote was taken.  Motion carried unanimously.

LenderClose – West Des Moines

MOTION: Emily Harris moved that the TCC recommend that the Iowa Economic Development Authority Board deny the request to reduce the repayment amount from 1.33% of the award and approve the request to cap the annual repayment amount at the lesser of 3% of gross revenue for a calendar year or $23,250 on a semi-annual basis, with no change to other terms, seconded by Davin Hills.  Roll call vote was taken.  Motion carried unanimously.

L8NT – Iowa City

MOTION: Rich Hichwa moved that the TCC recommend that the Iowa Economic Development Authority Board approve the request for a 6-month deferral of payments, seconded by Emily Harris.  Roll call vote was taken.  Motion carried unanimously.

Next Meeting

The next meeting of the Technology Commercialization Committee is scheduled for November 7, 2019 at 9:30 a.m.

Adjournment

There being no further business at the meeting of the Technology Commercialization Committee, meeting adjourned at 1:57 p.m.

Respectfully submitted,

Kerri Yost, Board Secretary

________________________             Gail Kotval

____________________________             Kathy Zehr

                    Board Administrator                                         TCC Chair