Sept. 16, 2003

For more information contact:
Dena Gray-Fisher
515-239-1922
dena.grayfisher@dot.state.ia.us

Iowa Transportation Commission approves
$9.9 million grant for West Des Moines

AMES, Iowa – The Iowa Transportation Commission today approved a Revitalize Iowa’s Sound Economy (RISE) grant application submitted by the city of West Des Moines. With approval of the grant application, up to $9.9 million will be made available to assist road construction near a proposed Wells Fargo development in West Des Moines (Dallas County).

Governor Thomas J. Vilsack said, “This project further illustrates an investment by the DOT in a public/private partnership to transform Iowa’s economy. All Iowans will benefit from this type of job creation.”

The development to be supported with RISE funding is for Wells Fargo Home Mortgage and Consumer Credit Unit. Wells Fargo is currently evaluating several alternatives for consolidating and expanding this group, including options outside of Iowa. This development will result in the retention of 2,300 jobs and the creation of 1,000 new jobs within two years of project completion. The development will require $175 million in associated capital investment.

More than $26 million in roadway improvements are necessary to develop the site, but the grant approved today limits RISE participation to the two main access points into the area. The maximum grant allowance is $9.9 million, or up to 80 percent of the total RISE eligible project cost, whichever is less.

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