A financial services company is seeking $22.5 million in state tax credits to help renovate its headquarters in downtown Des Moines. The Iowa Economic Development Authority Board is scheduled to consider the request from Principal Financial Group at its meeting today.
Documents show the plans to renovate Principal’s three downtown buildings would involve an investment of nearly $285 million. A statement from Principal says the changes would “better position” the company to attract and retain employees in Des Moines. Principal currently has 7,300 employees in Iowa, including 6,300 in the Des Moines area. Worldwide, the company employs 13,400 people.
In addition to the Principal request, the Iowa Economic Development Authority Board is set to consider incentives requests from Polaris Industries to expand in Milford and from American Natural Processors to retrofit a biodiesel processing facility in Galva.
