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APNewsBreak: Iowa State loans went to regent's LLC

August 29, 2014
Associated Press

IOWA CITY, Iowa (AP) — The agribusiness owned by Board of Regents President Bruce Rastetter was awarded $480,000 in no-interest loans from an Iowa State University-run program months after he joined the school's governing board.

Records obtained by The Associated Press show the loans from the Iowa Energy Center helped Summit Farms LLC finance the cost of installing large wind turbines at its corporate office and two hog confinements.

Rastetter owns the Alden-based corporation, which grew out of his family farm. The turbines were expected to generate $44,000 in annual energy savings for Summit Farms.

Iowa State officials say Rastetter's company received no special treatment, and that the loans were approved because the projects qualified.

But one critic says the loans give the appearance of a conflict.

 
 

 

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