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Genesee County Agricultural and Farmland Protection Plan

Genesee County Agricultural and Farmland Protection Plan

APPENDIX C: AGRICULTURAL

APPENDIX C: AGRICULTURAL DEVELOPMENT CASE STUDY SUMMARIES IOWA AGRICULTURAL FINANCE CORPORATION (IAFC) IOWA AGRICULTURAL DEVELOPMENT AUTHORITY (IADA) A Case Study in State Financial Support Programs The State of Iowa has been actively supporting innovations in agriculture through the IAFC since 1981. Since the state initiated its agricultural finance programs, Iowa has financed over $200 million in agricultural and agriculturally related improvements using a combination of capital instruments. The stated reason Iowa has engaged in such a comprehensive approach is to “facilitate private investment capital in this under-served industry.” The primary tools employed by the State of Iowa are 1.) the tecTERRA Food Capital Fund, 2.) the Value-Added Agricultural Products and Processes Financial Assistance Program, and 3.) the Aggie Bond Program. These programs are defined below: 1. tecTERRA Food Capital Fund I, L.P. Program: tecTERRA is a private-public investment partnership between Cybus Capital Advisors, LLC, the managing partner, and the Iowa Agricultural Finance Authority. The IAFC provided approximately $25 million in seed capital and worked with Cybus to raise an additional $18 million. Sectors: Agribusiness, food processors, biotechnology, and related industries within the State of Iowa. Products/Services: Mezzanine debt and equity in connection with private ownership transtion, management buyouts, platform build-ups, growth capital, and recapitalization. 2. The Value-Added Agricultural Products and Processes Financial Assistance Program Program: This state run program promotes the innovative utilization of Iowa’s agricultural resources by investing in the development of new agricultural products and processing technologies. Current program focus areas are: • Innovative Products and Processes which supports the conversion of agricultural commodities into higher value products not common to the state, as well as process development and improvements unique to Iowa or the commodity. • Renewable Fuels and Co-Products which supports the production of renewable fuels and co-product for livestock feed. Sectors: Agribusiness, food processors, biotechnology, energy, and related industries within the State of Iowa. Copyright©, 2000: Agricultural & Community Development Services, Inc, Columbia MD 14

APPENDIX C: AGRICULTURAL DEVELOPMENT CASE STUDY SUMMARIES Products/Services: Loans and loan-to-grant financing of up to $900,000 for qualifying businesses. Qualifying businesses must be located in Iowa, have a business plan, have qualified managerial and technical experience, and have completed a feasibility study. 3. The Aggie Bond Program Program: Aggie bond program utilizes tax exempt, small issue private activity bonds defined under section 147 of the Internal Revenue Code to finance beginning and first-time farmers. Funds can be used for land acquisition, capital improvements, equipment / machinery, and other depreciable assets. Sectors: Small scale first-time farmers with less than 5 years experience qualify. Products/Services: The state acts as an intermediary between a qualified buyer and seller as defined in the IRS code. The state does not underwrite the bond neither does it facilitate nor provide a secondary market for these securities. Deal size is limited to $250,000. For further information contact: Steve Ferguson Iowa Agricultural Development Authority Wallace State Office Building Des Moines, Iowa 50319 515-281-8784 www.smart.state.ia.us/financial.htm Copyright©, 2000: Agricultural & Community Development Services, Inc, Columbia MD 15

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