The Iowa Economic Development Authority (IEDA) board awarded Principal Financial Group Inc. $22.5 million in state tax credits to renovate its downtown Des Moines campus. 

The tax credits will go toward the company's $284.7 million capital investment to update its buildings at 600 Seventh St., 711 High St. and 801 Grand Ave. The project will result in the retention of 1,740 jobs, and work on all three buildings are expected to be completed by 2017. 

"We're very pleased with the support we've received from both the city and the state," said Susan Houser, a Principal spokeswoman. Houser said the company's next step is to get the plan approved by its board of directors. 

Renovation plans include infrastructure repairs, interior upgrades, building modernization, information 
technology improvements and employee relocation and consolidation, according to the project summary submitted to the board. 

The IEDA board also awarded tax credits, loans and grants to two other Iowa companies: 

  • $109,962 in tax credits to Polaris Industries Inc., a company that makes all-terrain vehicles, snowmobiles and motorcycles. The company wants to expand its operations in Milford by buying an existing building , and the project is expected to create 40 jobs.
  • $206,975 in tax credits, a $100,000 in direct financial assistance to American Natural Processors Inc. The company wants to turn a biodiesel processing facility in Galva into a facility that produces soy protein for animal feed. The project would create 10 jobs.