The Des Moines City Council this week approved an Urban Renewal Development Agreement that opens the door for American Equity Investment Life Insurance Co. to move into the Nationwide Building at 1100 Locust St. in downtown Des Moines.

The agreement contains incentives and a parking license agreement to accommodate the 650 employees American Equity plans to move downtown when its lease expires in two years at its current location at 6000 Westown Parkway in West Des Moines. The council approved the agreement during its meeting on Monday.

Jeff Lorenzen, president and CEO of American Equity, said the company decided it wanted to support downtown Des Moines and is a “significant supporter of a vibrant downtown.”

According to Lorenzen, the company has been working with city staff for 15 to 18 months to pull the agreement together.

“We’re excited as a company to come downtown,” he said. “We hope we can be the catalyst for other companies coming down and relocating in Des Moines, and I’ll do my best to be the champion of that.”

Tiffany Tauscheck, president and CEO of the Greater Des Moines Partnership, which partnered with the city on the agreement, said in an emailed statement that American Equity’s decision will help add to the vibrancy of downtown.

“The company has expressed that vibrancy is a top priority and shared their excitement to have employees work in this location,” she said. “American Equity’s commitment to being in office downtown will also help create additional activity and support of local businesses.”

Councilman Josh Mandelbaum said American Equity’s decision is a “great sign” for downtown.

He said downtown Des Moines “continues to thrive … and having more folks working downtown will strengthen that.”