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Iowa Economic Development Authority Due Diligence Committee Meeting Minutes 2026-05-15

Large Incentive Package Recommended for Sub-Zero Project

Portion of maximum $7,713,850 in Investment Tax Credit and maximum $2,100,000 in Sales and Use Tax Refund (combined with Cedar Rapids Real Estate, LLC)Iowa Arts CouncilSUB-ZERO GROUP INCMay 15, 2026

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TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
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Description

The Due Diligence Committee advanced a recommendation for a combined incentive package of up to $7,713,850 in Investment Tax Credit and $2,100,000 in Sales and Use Tax Refund benefiting Sub-Zero Group, Inc. and Cedar Rapids Real Estate, LLC. The incentives would support their project in Cedar Rapids.

Contract Details

Contract Amount

Portion of maximum $7,713,850 in Investment Tax Credit and maximum $2,100,000 in Sales and Use Tax Refund (combined with Cedar Rapids Real Estate, LLC)

Vendor

SUB-ZERO GROUP INC

Agency

Iowa Arts Council, IA

Contract Type

FINANCIAL_SERVICES

Document Date

May 15, 2026

Renewal Info

Single combined award recommendation; no renewal or extension options described.

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Iowa Economic Development Authority AgendaPacket Due Diligence Committee Meeting 2026-06-19

RECOMMENDED
Iowa Arts Council (Iowa)Maximum of $7,713,850 Investment Tax Credit and $2,100,000 Sales and Use Tax Refund (shared with Cedar Rapids Real Estate, LLC)June 19, 2026

Iowa Economic Development Authority AgendaPacket Due Diligence Committee Meeting 2026-05-15

AWARDED
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Iowa Economic Development Authority Board Agenda 2026-05-15

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Iowa Economic Development Authority Board Meeting Minutes 2026-05-15

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