Kim Reynolds outside the Capitol building, Apple Ceo Tim Cook credited Iowa's "world-class power grid" and what he called the state's culture of developing computer programmers who have created applications ranging from education to entertainment.
Cook promised to invest $100 million to a newly created public improvement fund to be used for community development, including the revitalization of streets, libraries and parks.
"It's a net fiscal loss that it's a straightforward giveaway in the economy to a company that's extraordinarily wealthy and it makes no sense from an economist's point of view.
It only makes sense from a politician's point of view," said David Swenson, an economist at Iowa State University and critic of such large economic development project tax breaks.
The economic development board's chairman, Chris Murray, said such projects bring people who build homes, generating tax revenue and causing other businesses to explore moving to Iowa.
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