This Week in the Corridor: How new houses demonstrate the Corridor's ROI

This Week in the Corridor

How new houses demonstrate the Corridor's ROI

The region got some great news this week.

The Iowa Economic Development Authority announced recipients of tax incentives through the Workforce Housing Tax Credit program. There were $10 million in tax credits available statewide. Four Corridor housing projects - one in each of our four counties - brought home $2.53 million. Not bad.

Among the four local projects, the Corridor assisted with the tax credit applications for three. Although we weren't involved in the fourth application, we've been engaged with the project from day one.

This space has been dedicated for the past few weeks to a discussion of Corridor finances. Should we meet our revenue targets, our budget will average $700,000 annually over the next five years. That provides an interesting context for the Workforce Housing Tax Credits. Through our work on this lone program, the Corridor helped bring back to the region the equivalent of 3 years and 7 months of our operating costs. That's a pretty good return.

And it gets better. The four projects, assuming they all reach fruition, tally up to 129 new houses and apartments. If we conservatively estimate construction costs of $100,000 per unit (and that is very conservative) the investment in our region will be $12.9 million. That's enough to sustain the Corridor through 2038.

Statistics like those are powerful. They're meaningful. They demonstrate the quantifiable return on an investment in the Corridor. And there are more of them. For example, Brian Dalziel's start-up clients have raised more than $14 million in private capital over the past 10 years. That's $2 of investor money for every $1 spent on economic development.

Last year, the Corridor and our partners captured more than $300,000 in state and national grants. That money will in large part be spent locally.

And how about this: From FY 2016 through FY 2020, the Corridor assisted area businesses and organizations in making more than $560 million in capital investments.

The Corridor has been and remains a cheap date. By working together, our four counties enjoy specialized business recruitment, business retention, entrepreneurship, workforce, housing, and community development services that would be unaffordable were they to go it alone.

Whatever the program area, Corridor members can be confident that a Dollar invested in regional economic development will come back with friends.

Corridor Announces Board of Director Election Results

The Iowa Lakes Corridor Development Corporation (Corridor) recently welcomed two new board members for Fiscal Year 2021: Michael McKim, Plant Manager at Safco Products in Milford, and Edwin Waleh, President and CEO of Heartland Team Solutions in Estherville.

The new members will add their leadership experience and guidance to the Board of Directors as the Corridor continues to help the region’s businesses thrive and to ensure its residents enjoy an active and rewarding quality of life.

Voted by members to return for a second three-year term were Doug Benjamin, Northwest Bank in Spencer, who serves as Treasurer of the Board, and Jeaneth Ibarra, Tyson Foods in Storm Lake.

Other returning board members include: Board Chair Debra Satern, SATERN® Barrels; Former Chair John Tatman, DEMCO Products; Brad Beck, Beck Engineering; Tim Fairchild, Dickinson County Board of Supervisors; Burlin Matthews, Clay County Board of Supervisors; John Pluth, Emmet County Board of Supervisors; Mike Porsch, Mayor of Storm Lake; Kent Stensland, Bank Midwest; Mike Wodtke, GKN Armstrong Wheels; and Susan Zulk, Spencer Hospital.

The Corridor Board of Directors consists of four Corridor member representatives from each of the four counties in the region, Buena Vista, Clay, Dickinson, and Emmet. Board members serve three-year terms and are eligible for up to two consecutive terms. Nominees for the board are voted on annually by their fellow Corridor members.

Featured Real Estate

Site: 4th Avenue West

Location: 4th Avenue West

Spencer, IA 51301

11 acres

Sale Price: $390,000

(in three parcels)

For more information visit the Corridor website!

Around the Corridor

Congratulations Pressed!

Pressed, a boutique in Spencer, topped four competitors in a statewide virtual pitch contest on Tuesday. Five businesses from Main Street Iowa communities across the state competed in the final round of the Open 4 Business contest, which began in May with 19 applicants. All five businesses received awards.

Nearly $10 million in credits awarded to Workforce Housing Tax Credit projects

Awards totaling almost $10 million were announced yesterday for Workforce Housing Tax incentive projects across the state. The Iowa Economic Development Authority (IEDA) awarded credits to 19 housing projects including those in Buena Vista, Clay, Dickinson and Emmet counties.

Learn more

Alliant Energy News

Alliant Energy Transportation is now Travero, Inc. Today, Travero's focus centers on giving customers a one-stop shop for customized supply chain solutions via their portfolio of transportation and logistics firms.

Visit their website here

Alliant also has accomplished their 2030 year goals 10 years ahead of schedule! Their target to have renewables be over 30% of their energy mix was set to be accomplished by 2030, but as of July 2020, renewables make up 34% of their mix.

Learn more.

Connect with BVU internships

Here from BVU staff on how to create or enhance an internship opportunity with your business. Join them on Wednesday, July 22nd at 8:30 am for a short Zoom presentation.

Spencer Main Street Crazy Days

Don't miss Downtown Spencer Crazy Days from Thursday, July 23rd - Saturday, July 25th. Shop local and find some great deals.

Investor Spotlight

Each week we want to feature and thank the businesses and individuals that have committed to economic development and growth in our communities. To learn more about these investors and others, visit our Business Directory !

H & N Chevrolet Buick

Sector: Business Services

Location: Spencer

Description: H&N Chevrolet Buick has been treating the car-buying needs of our Iowa Chevrolet Buick customers with honesty and integrity for more than 80 years. Those eight decades of stellar service have allowed us to perfect our craft, which is delivering superior customer service to each and every individual who visits our dealership whether you're from Storm Lake, Spirit Lake, Emmetsburg or right here in Spencer.

Henningsen Construction, Inc.

Sector: Engineering/Design & Construction

Location: Spencer

Description: Henningsen Construction has the equipment, experience, and manpower to get your project done on time and within budget. With 9 fully equipped concrete crews and metal building construction crews we are capable of handling projects of any size. Henningsen Const. Inc. has been in business since 1949.