The Iowa Economic Development Authority board granted tax incentives to two Ankeny projects that could generate 500 jobs, but deferred action on plans by Sammons Financial Group to expand in West Des Moines after the company requested the delay.

Before the board action, Sammons, a financial services company that specializes in fixed annuities, was among a growing group of companies that have masqueraded behind code names as they weigh state and financial incentives to boost expansion plans. 

The firm, with about 530 employees in three locations in West Des Moines, has looked for more than a year for property where it could build a new headquarters. The West Des Moines project called for a $55 million, 200,000-square-foot building at the southeast corner of 81st Street and Mills Civic Parkway, a plot of ground where Fareway once planned to build.

At one point during its search for a new location, Sammons had signed a contract to purchase land pending due diligence in Waukee’s Kettlestone development area. 

In West Des Moines, the company told city officials it planned to hire an additional 200 people and a development plan called for a possible future building expansion of at least 50,000 square feet, West Des Moines Community and Economic Development Director Clyde Evans said.

The city incentives were to include a 100 percent property tax rebate paid after the costs of infrastructure improvements were paid for and a payment of $7,000 for each job created, up to a maximum of $1.4 million. The package would have been in effect for about 20 years.

Evans said the city believed it was competing against Urbandale and Waukee for the expansion project. Urbandale did not receive a formal request for information from the company. In Waukee, the company requested information but did not follow up.

“We had to do something better than what they could offer,” Evans said. He provided background interviews on the project pending the identification of the company on the IEDA board agenda.

The West Des Moines City Council had voted to support a city-sponsored incentive package based on tax increment financing as well as the company’s application for state incentives. At the time of the vote, Sammons was operating under the cover of Project Fantastic. 

After Sammons was included on the agenda for today’s IEDA board meeting, the company asked to defer its request, IEDA spokeswoman Jacque Matsen said. She said that for several years IEDA has not allowed companies to continue to operate under a code name once their projects are on a board agenda.

Matsen would not release information about the Sammons project, other than the company name. “Since the project is still in negotiation, the details are confidential unless the company wants to discuss them,” Matsen said in an email. A date has not been set for the board to take up Sammons’ request for incentives.

Meanwhile, details about other requests for state incentives were included in the packet of information that is distributed the day before the board meets.

The Sammons application would have shared billing with two Ankeny projects with the potential to bring 500 jobs to that city.

Those projects, which did not use codes names in their requests for state and local development incentives, were considered today by the board.

Huxley-based Kreg Enterprises, which manufactures woodworking tools, sought $738,000 in state sales tax refunds for a 250,000-square-foot headquarters and manufacturing building in Ankeny’s Crosswinds Business Park. The company plans to move about 230 workers to Ankeny and add another 20 jobs. The new jobs would pay $30.32 an hour under the state sales tax incentive.The Ankeny City Council has approved about $2.6 million in tax increment financing rebates and tax abatements.

Northern Tool & Equipment Co. Inc., a national retailer and manufacturer of tools and equipment, sought $750,000 in state tax incentives for a distribution center in Ankeny’s Crosswinds Business Park. The company plans to add 183 jobs, 19 at an hourly wage of $30.32 under the state’s High Quality Jobs program. Ryan Cos. US Inc. plans to build the 600,000-square-foot structure and lease it to Northern Tool. A possible 350,000-square-foot expansion could add another 75 jobs. Read more about both Ankeny projects at BusinessRecord.com.

The board also approved a $25,000 proof of commercial loan for Predictive Health Partners of West Des Moines. The loan is for IP development and evaluation, proof of concept, market planning and hiring key personnel, according to a release.