2015-06-16T09:25:38-07:00 2014-12-31 Tarbell & Co PLC 2130 Grand Avenue Des Moines IA 503125302 990 2014-01-01 262000451 IOWA DEVELOPMENT CORPORATION IOWA 5152234511 5409 NW 88TH STREET JOHNSTON IA 50131 DANIEL T ROBESON Executive Dir. 2015-06-05 true Tim Tarbell CPA P00822323 5152820200 2014 2016-02-25 16:41:14Z DANIEL T ROBESON 5409 NW 88TH STREET STE 100 JOHNSTON IA 50131 3250538 false false X N/A X 2003 IA TO SERVE AS A MANAGING MEMBER OF A COMMUNITY DEVELOPMENT ENTITY ORGANIZED TO PROVIDE INVESTMENT CAPITAL TO LOW-INCOME COMMUNITIES OR LOW-INCOME PERSONS WITHIN THE STATE OF IOWA PURSUANT TO THE COMMUNITY RENEWAL TAX RELIEF ACT OF 2000. 6 6 0 6 0 0 0 0 1418279 3250538 1418279 3250538 0 0 0 0 0 1443142 2374025 1443142 2374025 -24863 876513 889938 1785344 0 889938 1785344 TO SERVE AS A MANAGING MEMBER OF A COMMUNITY DEVELOPMENT ENTITY ORGANIZED TO PROVIDE INVESTMENT CAPITAL TO LOW-INCOME COMMUNITIES OR LOW-INCOME PERSONS WITHIN THE STATE OF IOWA PURSUANT TO THE COMMUNITY RENEWAL TAX RELIEF ACT OF 2000. false false 2374025 3250538 IOWA DEVELOPMENT CORPORATION (IDC) OWNS A 99% INTEREST IN IOWA COMMUNITY DEVELOPMENT, LC (ICD). ICD SERVES AS A MANAGING MEMBER OF SEVERAL COMMUNITY DEVELOPMENT ENTITIES. ICD RECEIVES COMPENSATION TO ALLOW FOR PAYMENTS OF LEGAL FEES AND THIRD PARTY OVERSIGHT OF THE ENTITY. ICD'S PURPOSE IS TO SECURE AND DISTRIBUTE ALLOCATIONS OF NEW MARKET TAX CREDITS FROM THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, DEPARTMENT OF TREASURY, AND, THEREBY, PROMOTE INVESTMENT INTO OPERATING BUSINESSES AND REAL ESTATE PROJECTS LOCATED IN LOW-INCOME COMMUNITIES. PROJECTS ARE AS FOLLOWS:$200 MILLION OF NEW MARKET TAX CREDIT ALLOCATIONS HAVE BEEN DEPLOYED IN LOW INCOME COMMUNITIES IN IOWA BY THE END OF 2014 FOR THE FOLLOWING PROJECTS:ICD III, LLC - $9 MILLION TO RIVER POINT WEST, DES MOINES, IOWA, A MIXED-USE DEVELOPMENT PLANNED TO INCLUDE 500 HOUSING UNITS, 200,000 SQUARE FEET OF RETAIL SPACE AND 500,000 SQUARE FEET OF COMMERCIAL SPACE.ICD IV, LLC - $7 MILLION TO VILLAGE PLACE, DES MOINES, IOWA, A MIXED-USE DEVELOPMENT WHICH HAS SPARKED ADDITIONAL DEVELOPMENT IN DES MOINES' HISTORIC EAST VILLAGE.ICD I, LLC - $9.5 MILLION TO ADLER THEATER, DAVENPORT, IOWA, THE RENOVATION OF A HISTORIC THEATER IN A HIGHLY DISTRESSED CENSUS TRACT.ICD II, LLC - $10 MILLION TO NORTHWEST AIRLINES CALL CENTER, SIOUX CITY, IOWA, A PROJECT INTENDED TO CREATE OVER 200 JOBS AND STIMULATE DEVELOPMENT IN A DISTRESSED CENSUS TRACT.ICD VI, LLC - $5.75 MILLION TO SUPPORT A PROJECT INVOLVING THE CONSTRUCTION OF A GREEN HEADQUARTERS BUILDING FOR CAMBRIDGE INVESTMENT GROUP, A LEADING INDEPENDENT BROKER/DEALER WITH OVER 250 EMPLOYEES IN THE FAIRFIELD, IOWA AREA.ICD VII, LLC - $3.75 MILLION TO SUPPORT A PROJECT INVOLVING THE RENOVATION OF THE JULIEN HOTEL, DUBUQUE, IOWA, A 135,000 SQUARE FOOT HISTORICAL HOTEL IN A HIGHLY DISTRESSED CENSUS TRACT.ICD VIII, LLC - $10 MILLION TO SUPPORT THE RENOVATION OF THE HISTORIC ROSHEK BUILDING IN DUBUQUE, IOWA. THE RENOVATION WAS SUCCESSFUL IN ATTRACTING AN IBM OFFICE WHICH PROVIDED 1,300 JOBS TO A HIGHLY DISTRESSED CENSUS TRACT.ICD IX, LLC - $10 MILLION TO SUPPORT THE RENOVATION AND REHABILITATION OF TWO HISTORIC FRANK LLOYD WRIGHT DESIGNED COMMERCIAL BUILDINGS LOCATED IN DOWNTOWN MASON CITY, IOWA, A NON-METRO OUT-MIGRATION TRACT. THE PROJECT IS EXPECTED TO CREATE 27 DIRECT JOBS AND HAVE A POSITIVE IMPACT ON TOURISM IN THE COMMUNITY.ICD X, LLC - $10 MILLION TO SUPPORT THE CONSTRUCTION OF AN EGG LAYING FACILITY LOCATED NEAR CORWITH IN HANCOCK COUNTY IOWA, A NON-METRO OUT-MIGRATION TRACT. THE PROJECT IS EXPECTED TO CREATE APPROXIMATELY 72 FULL-TIME JOBS. IN ADDITION, EACH BIRD HOUSED AT THE FACILITY WILL CONSUME ABOUT ONE BUSHEL OF CORN ANNUALLY, CREATING A PROJECTED 3 MILLION BUSHEL INCREASE IN LOCAL DEMAND FOR CORN.ICD XI, LLC - $10 MILLION TO SWIFT PORK COMPANY, MARSHALLTOWN, IOWA FOR A 130,000 SQUARE FOOT EXPANSION OF A PORK PROCESSING PLANT. THE PROJECT IS EXPECTED TO CREATE 30 NEW JOBS WITHIN A HIGHLY DISTRESSED CENSUS TRACT AND SETS THE STAGE FOR FURTHER EXPANSION AND JOB CREATION AT THE PLANT.ICD XII, LLC - $15 MILLION TO PHYSICIANS CLINIC OF IOWA, CEDAR RAPIDS. CONSTRUCTION OF A 205,425 SQUARE FOOT MEDICAL MALL IN A HIGHLY DISTRESSED CENSUS TRACT. IT IS ONE OF THE FIRST PRIVATE, FOR-PROFIT INVESTMENTS IN DOWNTOWN CEDAR RAPIDS SINCE A DEVASTATING FLOOD HIT THE AREA IN JUNE 2008. IT ALSO PROVIDES SPACE FOR VARIOUS MEDICAL SERVICES FOR LOW INCOME RESIDENTS AND THE POTENTIAL FOR 50 TO 100 NEW JOBS.ICD XIII, LLC - $10 MILLION TO PINNACLE FOODS, FT. MADISON, IOWA. CONSTRUCTION OF A 16,700 SQUARE FOOT EXPANSION AND INSTALLATION OF EQUIPMENT FOR FOOD PROCESSING AND PACKAGING. IT ALSO PROVIDES FOR THE UPDATING OF EXISTING MANUFACTURING SPACE. JOB CREATION IS 65 EMPLOYEES IN THIS RURAL COMMUNITY AND THE RETENTION OF THE EXISTING 430 EMPLOYEESICD V, LLC - $14.5 MILLION TO ASSIST WINEGARD COMPANY TO RENOVATE A 140,000 SQUARE FOOT BLIGHTED SHOPPING MALL AND TO PURCHASE EQUIPMENT AND EXPAND THEIR MANUFACTURING FACILITIES LOCATED IN A NON-METRO DISTRESSED CENSUS TRACT BY 55,000 SQUARE FEET. THE PROJECT IS EXPECTED TO CREATE 70 FULL-TIME EMPLOYEES CONSISTING OF ENGINEERS FOR RESEARCH, MARKETING AND TECHNICAL SERVICE PERSONNEL, MANUFACTURING SUPERVISORS, FACTORY OPERATORS, AND SHIPPING PERSONNEL.ICD XIV, LLC - $12 MILLION TO ASSIST FIVE HABITAT FOR HUMANITY AFFILIATES CONSTRUCT 94 HOMES ACROSS THE STATE OF IOWA. SOME OF THE HOMES ARE LOCATED IN NON-METRO AREAS AND ALL ARE TARGETED TO PROVIDE ASSISTANCE TO LOW INCOME RESIDENTS; TWELVE IOWA COUNTIES WERE IMPACTED.ICD XVI, LLC - $18 MILLION TO NOVELTY IRONWORKS, DUBUQUE, IA. THE ALLOCATION SUPPORTED THE RENOVATION OF A 260,000 SQ. FOOT HISTORIC WAREHOUSE BUILDING INTO A MIXED USE PROPERTY CONTAINING APARTMENTS AND COMMERCIAL SPACE. BECASUE OF OTHER NEW MARKETS TAX CREDIT JOB CREATION IN THIS HIGHLY DISTRESSED CENSUS TRACT, A SHORTAGE OF HOUSING HAD BECOME A HINDRANCE TO FURTHER ECONOMIC IMPACT.ICD XVII, LLC (2 PROJECTS) - THE FIRST, $10.2 MILLION TO PROLIANT MEAT PRODUCTS IN RURAL HARLAN, IA. SUPPORT WAS GIVEN TO THIS 25,000 SQUARE FOOT MANUFACTURING BUILDING AND EQUIPMENT EXPANSION EXPECTED TO CREATE 45 NEW JOBS IN THIS RURAL LOW INCOME CENSUS TRACT.ICD XVII, LLC - SECOND, $ 15.8 MILLION TO ASSIST WITH THE CONSTUCTION OF A NEW CORPORATE HEADQUARTERS FOR THE CRST TRUCKING COMPANY IN CEDAR RAPIDS, IA. THIS ALLOWS THE COMPANY TO EXPAND ITS JOB TRAINING SCHOOL AND HOUSING FACILITY WHICH FOCUSES ON UNEMPLOYED LOW INCOME STUDENTS. EXPECTED JOB CREATION IS 953.ICD XVIII, LLC - $7.5 MILLION TO ASSIST WITH THE PURCHASE AND RENOVATION OF A HISTORIC BUILDING BY THE DES MOINES SOCIAL CLUB IN DES MOINES, IA. THE ALLOCATION ALLOWED THE NON-PROFIT TO EXPAND ITS PROGRAMS AND SERVICES TO RESIDENTS OF THE SURRROUNDING LOW-INCOME CENSUS TRACT WHILE CREATING 83 NEW JOBS IN THE PROCESS.ICD XIX, LLC - $12 MILLION TO KINGLAND SYSTEMS IN AMES, IA FOR THE CONSTRUCTION OF A NEW 75,000 SQ. FOOT OFFICE AND RETAIL SPACE IN THE HEART OF THE LOW INCOME CAMPUS TOWN DISTRICT. NEW JOB CREATION IS EXPECTED TO BE 185 JOBS. 2374025 false false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true true true false false true 0 0 false 0 false false false false false false false false false false false false false X 6 6 false false false false false true false true false true false true true true true false false false false true false X JIM DE PAUW 5152234511 5409 NW 88TH STREET JOHNSTON IA 50131 X DENNIS MURDOCK President 1.00 0.00 X X 0 0 0 KENT JEHLE Vice President 1.00 0.00 X X 0 0 0 JOHN SORENSEN Treasurer 1.00 0.00 X X 0 0 0 BRUCE TAMISIEA Secretary 1.00 0.00 X X 0 0 0 DANIEL T ROBESON Executive Dir. 1.00 0.00 X X 0 0 0 RAND FISHER Director 1.00 0.00 X 0 0 0 0 false false false 0 0 0 0 0 0 0 0 0 0 0 PARTNERSHIP INCOME 900099 3250538 3250538 ICD, LC (20-0183898) 900099 3250538 3250538 3250538 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PARTNERSHIP EXPENSES 2374025 2374025 0 2374025 2374025 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 889938 1785344 889938 1785344 0 0 X 889938 1785344 889938 1785344 889938 1785344 X 876513 18893 X false false false PARTNERSHIP - ICD, LC 20-0183898 1785344 1785344 Form 990, Part VI, Line 9: Officer, Director, Trustee, Key Employee Mailing Address DENNIS MURDOCK, PRESIDENTC/O CENTRAL IOWA POWER COOPERATIVEPO BOX 2517CEDAR RAPIDS, IOWA 52406KENT JEHLE, VICE PRESIDENTC/O MIDWESTONE BANKPO BOX 1700IOWA CITY, IOWA 52240-1700BRUCE TAMISIEA, SECRETARYC/O TECTON IND., PO BOX 877SPENCER, IOWA 51301JOHN SORENSEN, TREASURER8800 NW 62ND AVEJOHNSTON, IOWA 50131DANIEL T.ROBESON, EXECUTIVE DIRECTOR5409 88TH STREET, STE 100JOHNSTON, IOWA 50131RAND FISHER, DIRECTOR2700 WESTOWN PARKWAY, STE 425WEST DES MOINES, IOWA 50266 Form 990, Part VI, Line 11b: Form 990 Review Process THE FORM 990 IS REVIEWED BY ALL MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO ITS FILING. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts IOWA DEVELOPMENT CORPORATION ADOPTED A CONFLICT OF INTEREST POLICY WHEREIN ISSUES OF POTENTIAL CONFLICT ARE ADDRESSED OPENLY AT MEETINGS OF THE BOARD OF DIRECTORS. tHE CONFLICT OF OF INTEREST POLICY IS CONTAINED WITHIN THE ORGANIZATION'S "CODE OF BUSINESS CONDUCT AND ETHICS" WHICH WAS ADOPTED BY THE BOARD OF DIRECTORS ON DECEMBER 19, 2014. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. Other Changes In Net Assets Or Fund Balances - Other Increases BOOK-TAX DIFFERENCES RELATED TO INVESTMENT IN ICD, LC = $18893 FORM 990, PART VI, LINES 15A & 15B THE ORGANIZATION PAID NO COMPENSATION; THEREFORE, COMPENSATION WAS NOT REQUIRED TO BE REVIEWED OR APPROVED. FORM 990, PART VIII, LINE 11A THE ORGANIZATION OWNS 99% OF IOWA COMMUNITY DEVELOPMENT, LC (ICD), WHICH OWNS AN INTEREST IN NUMEROUS OTHER LIMITED LIABILITY COMPANIES. ACCORDINGLY, THE ORGANIZATION IS REPORTING 99% OF ICD'S SHARE OF THE INCOME ITEMS OF THE LIMITED LIABILITY COMPANIES AS FOLLOWS:ORDINARY BUSINESS INCOME (LOSS) 25NET RENTAL REAL ESTATE INCOME (LOSS) (6)INTEREST INCOME 7,232NET LONG-TERM CAPITAL LOSS (4)ASSET MANAGEMENT FEE INCOME 1,638,394DISTRIBUTIONS IN EXCESS OF BASIS 2,922INCENTIVE FEE INCOME 163,737OTHER PORTFOLIO INCOME 23,516PLACEMENT FEE INCOME 1,257,300REIMBURSEMENT INCOME 33,672SUB-ALLOCATION FEE INCOME 123,750 ---------TOTAL INCOME ITEMS 3,250,538 ========= FORM 990, PART IX, LINE 24A THE ORGANIZATION OWNS 99% OF IOWA COMMUNITY DEVELOPMENT, LC (ICD), WHICH OWNS AN INTEREST IN NUMEROUS OTHER LIMITED LIABILITY COMPANIES. ACCORDINGLY, THE ORGANIZATION IS REPORTING 99% OF ICD'S SHARE OF THE DEDUCTION ITEMS OF THE LIMITED LIABILITY COMPANIES AS FOLLOWS:BANK FEES 149BOARD MEETING EXPENSES 844INSURANCE EXPENSE 6,534MANAGEMENT FEE 2,276,119MISCELLANEOUS EXPENSES 16PORTFOLIO DEDUCTIONS FROM PASSTHROUGH ENTITIES 16,465PROFESSIONAL FEES 54,882PORTFOLIO AMORTIZATION 19,016 ---------TOTAL DEDUCTION ITEMS 2,374,025 ========= FORM 990, PART VI, LINE 16B IOWA DEVELOPMENT CORPORATION'S SOLE REASON FOR EXISTENCE IS TO MANAGE IOWA COMMUNITY DEVELOPMENT, LC. THE ORGANIZATION DOES NOT ANTICIPATE PARTICIPATING IN ADDITIONAL JOINT VENTURES OR SIMILAR ARRANGEMENTS IN THE FUTURE. AS A RESULT, A WRITTEN POLICY HAS NOT BEEN CONSIDERED NECESSARY. FORM 990 CONSIDERATIONS IOWA DEVELOPMENT CORPORATION'S (THE ORGANIZATION) ONLY ACTIVITY IS ACTING AS MANAGING MEMBER OF IOWA COMMUNITY DEVELOPMENT, LC (ICD, LC), A PARTNERSHIP IN WHICH THE ORGANIZATION OWNS A 99% INTEREST. THE HOLDER OF THE OTHER 1% INTEREST IN ICD, LC ALSO PROVIDES SERVICES UNDER A SEPARATE AGREEMENT TO ICD, LC. THE EXECUTIVE DIRECTOR OF THE ORGANIZATION IS ALSO EMPLOYED BY THE ENTITY HOLDING THE 1% INTEREST IN ICD, LC. DESPITE THE RELATIONSHIPS BETWEEN THESE PARTIES, EACH PARTY IS TREATED AS A SEPARATE AND DISTINCT ENTITY, BOTH LEGALLY AND FOR INCOME TAX REPORTING PURPOSES. ACCORDINGLY, THE ORGANIZATION HAS PREPARED THIS FORM 990 WITH RESPECT TO ITS OWN POLICIES, PROCEDURES, RELATIONSHIPS, AND TRANSACTIONS; SUCH ITEMS NOT INVOLVING THE ORGANIZATION AND RELATING TO PARTIES OTHER THAN THE ORGANIZATION HAVE NOT BEEN CONSIDERED IN THE PREPARATION OF THIS RETURN. ICD LC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 200183898 INVESTMENT/LENDING IA IDC 3250538 1785344 false true 0.99000 ICD I LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205424727 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD II LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205424772 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD III LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205424790 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD IV LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205424815 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD VI LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205424948 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD VII LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205424969 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD VIII LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205424986 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD IX LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205425014 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD X LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205425033 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD XI LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205428767 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD XII LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205428783 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD XIII LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205428799 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD V LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205424841 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD XIV LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205428822 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD XIX LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 453081171 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD XVI LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 453080773 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD XVII LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 453081025 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD XVIII LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 453081092 INVESTMENT/LENDING IA ICD LC false false 0.00010 ICD XV LLC 5409 NW 88TH ST STE 100 JOHNSTON IA 50131 205428837 INVESTMENT/LENDING IA ICD LC false false 0.00010 false false false false false false false false false false false false false false false false false false false