Iowa Economic Development Plan Emphasizes Regional Development, Clusters

Iowa Governor Tom Vilsack has proposed the Iowa Values Fund, a five-year, $500 million public-private partnership to promote regional economic development, develop strategic clusters, and expand renewable fuels and energy production.

Contact: Paul Kalomiris
Economic and Technology Policy Studies National Governor’s Association Center for Best Practices

The state’s life sciences infrastructure would receive an investment of $50 million emphasizing four activities:

* Creation of an outreach program to accelerate business starts, including new business incubator support and functions ($4 million).

* Construction of and equipment for new business incubator support facilities and research and development support ($14 million).

* Construction of and equipment for new business incubator facilities and research and development support for human pharmaceutical development ($15 million).

* Construction of protein extraction facilities and services ($17 million).

Another $250 million would be designated for developing three key industry clusters—life sciences, advanced manufacturing and information solutions. The remainder of the Iowa Values Fund would support other efforts, including regional economic development.

Governor Vilsack will propose to the legislature that the initiative be funded by bonding with the debt to be repaid with gaming revenues.
Related Links:

* Iowa Budget Recommendations http://www.governor.state.ia.us/news/2003/January/january3103_1.html

* Iowa Condition of the State Address http://www.governor.state.ia.us/news/2003/January/january1403_1.html

http://www.nga.org/center/frontAndCenter/1,1188,C_FRONT_CENTER%5ED_5140,00.html