Gov. Terry Branstad unveiled legislation today to replace the Iowa Department of Economic Development (IDED) with the Iowa Partnership for Economic Progress (IPEP), a public-private partnership.

The mission of IPEP will be “to grow and diversify Iowa’s economy by encouraging the creation of high quality jobs for its citizens through business recruitment, retention, expansion and creation,” Branstad said in a news release.

Existing IDED functions will transfer to the new economic development authority. The Iowa Innovation Council will operate within IPEP.

Tax dollars will be leveraged against private investment, under Branstad’s plan. The governor said the new model will maintain openness and transparency.

IPEP will be governed by an independent board of directors chaired by Lt. Gov. Kim Reynolds. It will be led by current economic development director Debi Durham.