BIZ BUZZ

Biz Buzz: D.M., Muscatine projects wait on board decision

Matthew Patane
mpatane@dmreg.com
Des Moines and Polk County want to build a $101 million, 10-story convention hotel near the Iowa Events Center. It would have 330 rooms.

Des Moines and Muscatine are in a wait-and-see mindset for two major projects.

Both cities have sent their final requests to the Iowa Economic Development Authority Board for redirected tax money to fund hotel-centric projects.

It's the latest step in a yearlong process.

Des Moines' project includes the scaled-back $101 million convention hotel that would connect to the Iowa Events Center. The city submitted its final application Friday afternoon, an authority spokeswoman confirmed Monday.

Muscatine was a bit speedier with its application, sending it in a few weeks ago, but the board still has to make a final decision. Muscatine's $42 million project includes a hotel and convention center designed to attract business clients.

Des Moines is seeking $39 million and Muscatine is requesting $10 million under the state's Reinvestment District program, which kicked off last year.

Both cities had until Sunday to submit their final applications.

The future of both city's projects depends on whether or not the authority grants their multimillion-dollar requests.

"We would not be able to move forward without the $10 million," said Rebecca Howe, president of Riverview Hotel Development, which is in charge of the Muscatine project.

Des Moines' convention hotel also depends on the city choosing a new contractor. City officials originally selected Minneapolis-based Mortenson, but they have since started looking for a new developer with lower price estimates.

"The next two things we have to sort through are who's going to build and what the final award is going to be," said Tim Leach, economic development director for the Greater Des Moines Partnership.

The authority board has already awarded $12 million to Waterloo for multiple projects in the city's TechWorks district.

While Des Moines and Muscatine wait for a final board decision, other Iowa cities are prepping applications for the second round of Reinvestment District funding.

Davenport and West Des Moines officials have said they plan to apply again this year. They have until March 15 to do so.

These renderings of proposed buildings and layout at the Cedar Valley TechWorks District show, from left, the John Deere Tractor and Engine Museum, Tech I and Tech II. The Tech I building will house the Iowa Advanced Manufacturing Center, and Tech II will have a 150-room hotel, a restaurant and a training center for Deere & Co.

MOVING ON UP

Harry Stine has moved up on the list of the world's billionaires.

The 73-year-old seed entrepreneur came in at No. 534 on a Forbes list of the world's richest people released Monday. That's up from the 551 rank Stine had on the 2014 world billionaire list.

Forbes said Stine had a net worth of $3.3 billion. That's the same as Cargill heirs Austen Cargill II and James Cargill II.

Stine is the president and founder of Adel-based Stine Seed, the world's largest privately held seed company.

Microsoft founder Bill Gates topped the list with a net worth of about $79 billion.

RIDING HISTORY

A pre-production Indian Scout motorcycle sits along the assembly line at the Polaris Industries factory in Spirit Lake on Aug. 8.

A factory in northern Iowa that helped bring back a classic motorcycle has added another one to its lineup.

Polaris Industries' plant in Spirit Lake has started making the Indian Chief Dark Horse, another model under the iconic Indian Motorcycles brand.

Based in Minneapolis, Polaris reintroduced the Indian brand in 2013 with three motorcycle models. Polaris added a fourth, the Indian Scout, last year and announced the Dark Horse in February.

The Spirit Lake factory manufactures the Indian bikes and other vehicles. Polaris has about 1,000 employees in Spirit Lake.

BIRTHDAYS

Wednesday's birthdays include David Vellinga, CEO of Mercy Health Network and president and CEO of Mercy Medical Center-Des Moines, who turns 65; Mark G. Atkinson, vice president at RBC Wealth Management, turns 52. On Thursday, Kelly Norris, horticulture manager at the Greater Des Moines Botanical Center, will be 28, and Molly Phillips, Iowa Public Television executive director and general manager, turns 48.

Former 4-H Leader of Iowa, C.J. Gauger, turns 101 Friday. Other Friday birthdays include developer Jeff Hunter, who will be 64, and Ottumwa-born actor Tom Arnold, 56. Saturday's birthdays include Des Moines lawyer Ivan Webber of the Ahlers & Cooney law firm who will be 68.

James Autry, author and retired Meredith Corp. executive, will be 82 Sunday. Monday will be the 65th birthday of philanthropist Pamela Bass-Bookey.

(Correction: Tuesday's Biz Buzz incorrectly stated one of Saturday's birthdays.)