IFADC Annual Report

REFLECT

Letter from the Director

2021

The year 2020 definitely provided its share of challenges for business development in our local Iowa Falls community. Our entrepreneurial spirit and ability to adapt to change was certainly put to the test, and as a community we truly have demonstrated impressive resilience.

Quick Overview

With lockdowns in place, on-site business visits were put on pause. We adapted to phone calls in lieu of personal visits, and of course, Zoom calls quickly became the new norm. IFADC focused on keeping businesses apprised of financial assistance programs through a steady flow of informative emails and calls. Our goal was to keep our local businesses current on the ever-changing landscape of assistance programs and COVID-19 protocols.

Despite the challenges, we continued to assist both existing and new businesses with their well-being and growth. Thankfully, we’ve recently been able to return to in-person business visits. These visits provide critical insight into the health and vitality of our local industries, and help us pinpoint issues that potentially stifle growth and expansion. Our work includes frequent feedback loops with city and utility partners to ensure infrastructure continually meets evolving business demands.

PROPOSALS

SITE VISITS

Responded to 18 company inquiries with proposals.

Hosted 5 companies on local site visits.

Four projects initiated prior to the pandemic have come to a grinding halt. Two of these have demonstrated potential to move forward, however, the other two are on indefinite hold.

We continue to assist local companies considering expanding operations, as well as recruit new businesses to the area. Even amidst the shutdowns and uncertainties of 2020, we had 18 projects request information on Iowa Falls and its properties. Of those 18, we had five make site visits. Three of those have become currently active projects with companies evaluating the potential of an Iowa Falls location.

520 Rocksylvania Avenue Iowa Falls, Iowa 50126

Working with entrepreneurs and helping them realize dreams of business ownership is the heartbeat of IFADC. As you read this, there are individuals working to open new businesses right here in Iowa Falls. We are readily available to help with business plans, financial projections, market research, and site selection. The IFADC Revolving Loan Fund is also available to help make these dreams a reality. If you’re interested in discussing Iowa Falls as the future home for your business, let’s set up a time to chat!

Iowa Falls Area Development Corporation

LEADS

BUSINESSES

Working regularly with 3 current marketing leads.

Welcomed 2 new businesses to Iowa Falls this year.

Annual Report

2021

ON HOLD

ZOOM CALLS

Placed 4 projects initiated prior to the pandemic on hold.

Sat through 1,958 Zoom calls. But who’s counting?

Mark Buschkamp MARK BUSCHKAMP

Executive Director

director@iowafallsdevelopment.com www.iowafallsdevelopment.com (641) 648.5549 (877) 648.5549 (641) 373.3455 (641) 648.3702

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Office Office Cell Fax

INSIDE

2021 Quick Overview Our Mission & Services Letter from the Director Site Visit Data Analysis Milestones & Successes Local Growth Highlights

ABOUT

Our Mission & Services The Iowa Falls Area Development Corporation offers innovative business development consulting services, as well as economic development assistance for new and expanding industries in Iowa Falls. We are committed to facilitating both growth and prosperity for Iowa Falls and its businesses.

TRENDS

SUCCESS

Strategic Analysis of the Business Community

Notable Milestones for Local Iowa Falls Companies

Each year, IFADC visits with local businesses. We rotate through our primary employers to identify growth opportunities, barriers to improvement, and overall business community health. These graphics analyze responses to several questions posed during site visits.

Responses are from local Iowa Falls businesses, as well as from a statewide business analysis, offering a local to state comparison.

P R O D U C T L I F E C YC L E Product life cycle metrics indicate that a company is innovative in product development, and is offering relevant products and services within their respective industry. When examining product life cycle, we discuss topics like the following:

Emerging

Key Indicators

· Is your company growing?

Declining

Continuity in Company Ownership & Management

· Are you identifying new products?

0% 2.2%

· Are you looking at new markets?

Not Sure

Product Life Cycle

· Is your product line maturing?

During site visits, we ask questions, glean information, and facilitate discussion with our Iowa Falls businesses. All data gathered during these visits is strictly confidential. We report only in the aggregate to demonstrate and analyze trends across the local business horizon, and to compare with the state of Iowa as a whole.

During our annual site visits we analyze a robust series of key indicators. This article highlights three of those indicators, and analyzes the responses. For further information and analysis, reach out to our office.

Key Indicator:

New Products & Services Tech Infrastructure Access

State Response

Employee Recruitment

Key Indicator:

Key Indicator:

C O N T I N U I T Y I N C O M PA N Y O W N E R S H I P & M A N AG E M E N T

NEW PRODUCTS & SERVICES

Continuity in ownership and management can indicate stability, as well as the presence of a solid business model. Change in one of these may indicate a shift in focus or market. This can also indicate opportunity for the business to scale up.

YES, management has changed.

0% 15.6%

YES, change is pending.

0% 4.3%

NO, management has not changed.

85.7% 76.5%

NOT SURE 14.3% 3.4%

Has company ownership changed in the last 18 months, or do you anticipate a change?

YES, ownership has changed.

Positive Momentum in Our Community

Growing 57.1% 64.8%

Maturing

0% 1%

Has your company introduced any new products, services, or capabilities over the last three years?

Does your company anticipate new products or services in the next two years?

Yes

57.1% 69.3% 28.6% 23.7%

14.3% 22.9%

0% 1.8%

Not Sure

Not Sure

NO, ownership has not changed.

14.3% 6.9%

0% 1.4%

100% 88.6%

NOT SURE 0% 1.6%

Iowa Falls companies bested the state statistics in releasing new products in the last three years.

This is strongly indicative of maintaining focus on customer needs and growth, and is a key indicator of innovation.

H I G H S P E E D F I B E R C O M I N G T O I O WA FA L L S

Boyt Products procured the former Herter building at 311 Sherman Street on the east side of Iowa Falls and is renovating it into a manufacturing facility for Boyt Products. IFADC provided funding with a $25,000 low interest loan from the IFADC Revolving Loan Fund.

IFADC has been working for some time to improve internet services in Iowa Falls, and is excited to announce that high speed fiber will soon be coming to Iowa Falls via MetroNet.

ISU EXTENSION SECURES NEW L O C AT I O N IFADC lent expertise to the ISU Extension Office as they sought a new location for their Iowa Falls office. Budget constraints spurred the Extension Office relocation, and IFADC compiled a list of available properties and arranged tours for staff and board members. The Extension Board selected a co-location at Ellsworth Community College South Campus as the best fit for mission and space.

IFADC helped locate office space to meet our needs, helped coordinate tours of the top two prospective spaces, and presented information to our council’s building committee during the process. The overall experience was helpful and was useful to our council. It saved us time and helped us find appropriate space for our needs… IFADC was a helpful liaison and partner. We sincerely appreciated the help.

BOBBI FINARTY Hardin County Extension Director Iowa State University Extension and Outreach

R E C E R T I F I C AT I O N AC H I E V E D F O R I N D U S T R I A L S I T E

Yes

No

No

YES, change is pending.

N E W B U S I N E S S , O L D FA M I L I A R N A M E

Previously, the site housed everything from a fruit distribution center to a sporting goods manufacturer specializing in clay pigeons. For the last few decades, it had been relegated to storage and fell into disrepair. Seeing the iconic Boyt name resurrected and the building renovated were significant benefits of the project, in addition to creating several new jobs. Boyt Products manufactures components for Zoske Sales, and other entities.

42.9% 28.2%

Analyzing new products, services, and capabilities gauges innovation within a company, as well as their ability to remain relevant with customers.

We ask about products introduced in the last two years and plans for new product launches in the near future.

85.7% 75.8%

0% 8%

The responses to these questions indicate stability in both ownership and management of our local Iowa Falls companies, with 100% of them maintaining ownership, and at least 86% retaining top management.

These favorable indicators are positive for our local economy.

GROWTH

0% 4.7%

Over 57% of the companies we surveyed said their company is still growing.

That is a good indicator of continued success. Over 40% of our businesses reported that their company’s life cycle is maturing. This could lead to declining sales or market share if left to run its course.

Supply Chain Trends

Local Response

Has company top management changed or is it expected to change in the next 18 months?

How would you describe the life cycle of your company's primary product or service?

Fewer Iowa Falls companies plan to introduce new products in the next two years compared to the state average. This could be due to having recently released new products or lingering economic uncertainties due to COVID-19.

MO’S GYM

NIMROD MEATS

COPY SYSTEMS

AEROCARE

A 24/7 fitness center opened in March at 623 Washington Ave.

Broke ground in June for a new meat locker facility

Ribbon cutting & open house in June, previously operated as Hecht & Jimenez

Will open in the Scenic Crossing Center in July

IFADC worked to achieve a five-year recertification of the industrial site southwest of Iowa Falls. The site consists of 215 acres situated between two Class I Railroads, offering custom dual access rail configuration -- it is bordered by the Canadian National (CN) Railroad along the north and the Union Pacific (UP) Railroad along the southeast. The year-long process of recertifying includes a rigorous series of Due Diligence factors which must be documented. IFADC prepared the following:

· Phase I Environmental Study · Archaeological Study · Geotechnical Investigation · Endangered Species Study · Wetlands Inventory · Boundary Survey · Approved Jurisdictional Determination from the Army Corps of Engineers · Development plans to procure all utilities on site within nine months Additionally, all the property must be controlled under option and be able to be rezoned.

During visits to local businesses, internet reliability and speed were repeatedly identified as challenges. Unreliable, slow internet was a problem for businesses, as well as individuals working remotely. IFADC had repeatedly reached out to several providers without success. This year MetroNet answered the call with plans to bring high speed fiber to Iowa Falls. As MetroNet begins infrastructure work, local businesses, teleworkers, and residents can be confident that Iowa Falls is an excellent location for conducting business and daily life.

M AT T H E W S R E PA I R B U S I N E S S E X PA N S I O N SUCCESS STORY Matthews Repair relocated to a new building on Washington Avenue, allowing the business to expand inventory and service offerings. IFADC assisted with several aspects of the project.

We served as the primary liaison to the City of Iowa Falls, facilitating connection to the city wastewater system. IFADC also provided a $25,000 low interest business loan from the Revolving Loan Fund to help meet financing requirements to purchase the building and make renovations. The new location allows Matthews Repair to carry several lines of mowers, snow blowers, and also increases capacity to service all makes and models of equipment. The relocation will ultimately create several new Iowa Falls jobs.

IFADC was a great asset in helping us expand our business. Mark was always available to help with any questions we had and even brought opportunities to us to help us get the necessary funding we needed. Mark made everything easy to understand and he was always there to answer questions as needed and continued to check in and see if there was anything else he could do. IFADC made it feel very personal by showing us that they wanted us to succeed and doing everything in their power to help us. We could not have asked for better support!

AARON MATTHEWS Owner, Matthews Repair

S C H O O L B O N D VO T E S U P P O R T IFADC provided assistance garnering voter support for the Iowa Falls school bond referendum vote held March 2, 2021. We ran ads in the Times Citizen paper and online, and developed a video for Facebook, Google Ads, and YouTube. The referendum was 43 votes shy of the required 60% to pass. The school district is evaluating the feasibility of another vote this fall and IFADC will assist in sharing the message.

SMALL TOWN GIRL BOUTIQUE

JONES APPLIANCE & TV

WOODS VISION CLINIC

KING CONSTRUCTION

Opened July 1 at 704 Washington Ave.

Remodeled their store interior and floorplan

Remodel of their office space

Completed a full remodel of offices

DALE HOWARD AUTO Remodeled & expanded customer waiting & service areas

lots of new faces & places!