State board approves taxpayer-financed grants for business expansions

State economic development officials have now acted in response to a Supreme Court ruling that nullified the state’s premiere economic development program. The state Economic Development Board voted to give a $300,000 state grant to a busines that had already qualified for an Iowa Values Fund award, but hadn’t yet received the money. Protocol Drive Healthcare in Des Moines had been promised $300,000 from the Iowa Values Fund in March. The new money comes from the state’s “Community Economic Betterment Account.” The state board yesterday approved taxpayer-financed grants and loans for 10 business expansions The businesses promise to create 501 jobs and invest $38-MILLION in Iowa. The other businesses that got government grants are located in Le Mars, Alton, Spirit Lake, Harlan, Decorah and West Des Moines. And the board approved incentive packages that include lucrative tax breaks for businesses in Winnebago County, Monroe County and Denison. In addition, previous incentive packages for businesses in Fort Dodge, Waterloo and Creston were expanded.