Connecting the Gems a Decade After the Recession, Projects Continue to Transform Downtown Des Moines

SEPTEMBER 7, 2018 The business journal serving Central Iowa’s Cultivation Corridor Price: $1.75 CONNECTING THE GEMS A DECADE AFTER THE RECESSION, PROJECTS CONTINUE TO TRANSFORM DOWNTOWN DES MOINES BRIDGES DISTRICT 2 businessrecord.com | Twitter: @businessrecord @businessrecord | Twitter: businessrecord.com GraysStation.com Welcome to Gray’s Station. toGray’s Welcome September 7, 2018 7, September Business Record | | Record Business CONTACT US (515) 288-3336 | [email protected] FOLLOW US TABLE OF CONTENTS www.businessrecord.com VOLUME 36 | NUMBER 36 | SEPTEMBER 7, 2018 www.facebook.com/DMBusinessRecord @BusinessRecord LEADERSHIP PUBLISHER Chris Conetzkey (515) 661-6081 | [email protected] EDITORIAL EDITOR Suzanne Behnke @businessrecord | Twitter: businessrecord.com (515) 661-6085 | [email protected] MANAGING EDITOR Perry Beeman (515) 661-6086 | [email protected] Beats: Economic Development | Transportation | Energy & Environment SENIOR STAFF WRITERS Joe Gardyasz (515) 661-6084 | [email protected] Beats: Insurance & Investments | Health & Wellness | Manufacturing & Logistics | HR & Education Kent Darr (515) 661-6083 | [email protected] Beats: Real Estate & Development | Banking & Finance | Law & Government STAFF WRITER Kate Hayden (515) 288-3478 | [email protected] Beats: Tech & Innovation 4 17 19 NEWSROOM OPERATIONS MANAGER John Retzlaff (515) 661-6082 | [email protected] Calendar | On the Moves 4 WE’LL ALL FLOAT ON 8 COVER STORY: 19 #METOO POWER COPY EDITOR Kurt Helland POST-RECESSION, DOWNTOWN BREAKFAST PREVIEW ARE YOU A ‘SUPER SAVER’ CONNECTED GEMS Panelists for the Business Record’s ART & PRODUCTION 4 CREATIVE DIRECTOR WHEN IT COMES TO Transformative projects followed the Sept. 12 event discuss how Iowa Joe Crimmings RETIREMENT? economic downturn that gripped the businesses fall short in addressing SENIOR GRAPHIC DESIGNER Ariane Criger state 10 year ago sexual harassment GRAPHIC DESIGNER 4 NOW BOARDING Sami Schrader WHAT WE LEARNED FROM 33 CALENDAR PICKS PHOTOGRAPHER 14 Duane Tinkey 5 THE 1031 GETS AN OVERHAUL THE GREAT RECESSION Your first look at upcoming events SALES Local leaders share their top tough DIRECTOR OF ADVERTISING MICAH KIEL lessons from the economic downturn TAX WIN FOR D.M., W.D.M. Sara Brown 6 34 DIRECTOR OF STRATEGIC PARTNERSHIPS Take a closer look at new vice The Elbert Files: By Dave Elbert Katherine Harrington president, community affairs 17 BIG PLAY IN IOWA SENIOR ACCOUNT EXECUTIVES consultant, Wells Fargo & Co. Lori Bratrud Goldman Sachs starts a statewide 35 THE UPSIDE TO THE RECESSION Kristi Edwards effort in Iowa, the company’s first Marketing: By Drew McLellan ACCOUNT EXECUTIVE such effort on this scale Laura Stapes PROJECT COORDINATOR Kolbie Creger ADMINISTRATION BPC VICE PRESIDENT Jason Swanson WHO’S IN THIS ISSUE? BUSINESS MANAGER A list of local people and the page number of the article in which they are mentioned. Eileen Jackson ACCOUNTING SPECIALIST Kirsten Anderson, 19 Karin A. Johnson, 19 Suku Radia, 14 Becky Hotchkiss Mike Ralston, 14 OFFICE MANAGER Eric Burmeister, 14 Hannah Inman, 14 Laura Stegemann Jay Byers, 14 William Kalianov, 14 Dennis Reynolds, 8 INSIDE SALES REPRESENTATIVE Alison Damon Scott Carlson, 14 Micah Kiel, 6 Robert Riley, 14 BPC CHAIRMAN Rick Clark, 8 Stephen King, 14 John Rogers, 17 Connie Wimer Jon Couture, 19 Bill Knapp, 8 Jeff Rose, 14 BPC PRESIDENT Janette Larkin Jim Cownie, 8 Kristi Knous, 14 Mary Sandry, 17 Peter Cownie, 34 Tim Leach, 8 Susan Scharnberg, 14 2018 7, September Business Record® (USPS 154-740, ISSN 1068-6681) is published by Business Publications Corporation Inc., James Deeds, 17 Zachary Mannheimer, 14 George Sherman, 8 The Depot at Fourth, 100-4th Street, Des Moines, Iowa 50309, (515) 288-3336. Contents © 2018 Business Jessica Dunker, 14 Jeff Miller, 4 David Stroh, 14 Record. Published weekly. Annual subscriptions $69.95. Single copy price is $1.75. Copies of past issues, as Paul Hayes, 14 Tiffany O’Donnell, 19 Rick Tollakson, 8 available, may be purchased for $4.50 each. Periodicals Postage Paid at Des Moines, Iowa. POSTMASTER: Send Ben Hildebrandt, 14 Erin Olson-Douglas, 8 address changes to Business Publications, The Depot at Fourth, 100-4th Street, Des Moines, Iowa 50309. Phil Hodgin, 14 Jerry Patterson, 4 | Record Business 3 THE INSIDER notebook CHRIS SUZANNE PERRY KENT JOE KATE HAYDEN Bits and bites of the finer side of Iowa business CONETZKEY BEHNKE BEEMAN DARR GARDYASZ staff writer publisher editor managing editor senior staff writer senior staff writer businessrecord.com | Twitter: @businessrecord @businessrecord | Twitter: businessrecord.com Are you a ‘super saver’ when it In case you comes to retirement? BY JOE GARDYASZ missed it... A brief look back at news from the past With all of the headlines about how Americans aren’t saving week on BusinessRecord.com enough for retirement, it turns out there’s a group of overachievers out there that we all might learn a thing or two from. According to new data just released by Principal Financial Mental health Group, 19 percent of Gen X and 23 percent of Gen Y respondents Kristin Sauter is working to open up identified themselves as “super savers.” It’s an elite club: Super more discussion about the difficult savers are those folks who managed to sock away 90 percent or and tragic topic of suicide. more of the IRS-allowed maximum deferral ($16,500-$18,000) to https://bit.ly/2N2Aj2r We’ll all float on their retirement accounts in 2017. More than half of these super BY KATE HAYDEN savers put away more than $20,000 toward retirement last year, Transload news according to the research. A federal grand jury issued an Have you ever seen a flying pig? A speedy So what drives their tremendous motivation for saving? A indictment against the proposed DMV line? A floating tractor? majority — 65 percent — said simply “having a good life during operator of a Des Moines transload I can’t assist with those first two dreams, but retirement,” while 47 percent said it was their desire to facility that has yet to begin. if you’ve ever wondered what it would take to float pursue their passions in retirement comfortably. https://bit.ly/2ol5doD a 13,630-pound New Holland tractor, Mitas Tires “There is no better advice I can give of North America had just the sight for you at the anyone than save more, earlier,” said 2018 Farm Progress Show outside of Boone. 2018 Hashie Awards Jerry Patterson, senior vice president of Mitas, a Charles City-based tire manufacturer, The Social Media Club of Des Moines retirement at Principal. “These super savers honored the best social media wanted a way to demonstrate tire flotation ― how are making sacrifices today that should help easily heavy equipment could move through fields campaigns in the state. set them up to have the freedom to do the https://bit.ly/2wrNEaa without compressing the soil, which would hurt things they want in the future.” crop yield. What else was there to do but rent Another takeaway from the research was a tractor, add new wheels and deploy it into a the importance of family as an influence. Nearly Driverless tractor (really) retention pond at the Farm Progress Show? three-quarters of super savers said they learned At the 2018 Farm Progress Show, The display last week was actually the first nothing or very little about personal finance in school. visitors got a glimpse of a newly time a floating tractor demonstration would be But 41 percent said their parents were most influential in developing autonomous John Deere tractor successful in the U.S., as Mitas marketing and their savings habits. Additionally, a third of respondents cited their circling the demonstration field. communications manager Jeff Miller told the parents’ financial situation as a driver in their own savings habits. https://bit.ly/2okxkEn Charles City Press earlier this month. A similar Interesting enough, the vast majority of these super savers demonstration was apparently successful in (70 percent) are making maximum contributions without having a New award for women Offingawier, Netherlands, using Charles City-built formal budget in place, instead favoring other sacrifices to max out Nominations are now open for the tires two years ago. their retirement contributions. The top sacrifices that super savers Women of Achievement Awards and If you’re still not convinced, Mitas offered an cite include: will be presented by Iowa Women alternative use at the demonstration last month: - Travel: Millennials aren’t seeing the world nearly as much as Lead Change. “fishing on the weekends.” they’d like, with 41 percent limiting their travel expenses. https://bit.ly/2BUp9IJ - Homes: Super savers live in humble dwellings, with 31 percent of Gen Y owning a modest home for the sake of savings. - Stress: For both generations, high work-related stress (44 percent) comes alongside the desire to max out Read more notebook items anytime at retirement savings. businessrecord.com/notebook Patterson said the fact that the super savers are maxing out their savings largely without budgets underscores the importance of retirement plan features like auto-enrollment and auto-escalation. “With these features, these super savers exemplify the ‘don’t even September 7, 2018 7, September notice it’s gone’ approach,” he said. Business Record | | Record Business 4 INSIDER NOTEBOOK The 1031 gets an overhaul BY STEVE DINNEN @businessrecord | Twitter: businessrecord.com So this Amish dairyman in eastern Iowa has a herd of cows that are literally in the way of his planned milking barn remodel. When he sells the cows — necessary to get them out of the way for a lengthy period of time — he will incur a capital gains tax. Hmm, what to do to not write a check to the U.S. Treasury? He tucks the cows into a 1031 exchange. He sells them on day one, agrees to buy them back within 45 days, and completes the acquisition within 180 days, by which time the barn is nice and pretty again for Elsie et al.

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