Statewide elected officials have approved spending nearly seven-point-eight MILLION dollars to buy a Des Moines office building. The four-story structure will be the new home of the Iowa Economic Development Authority. The Iowa Finance Authority already rents space in the building.

The office building sits on 10 acres, on the edge of downtown Des Moines. Debi Durham is the director of both state agencies, says the Iowa Economic Development Authority will begin moving to the new space later this year.

Durham says she’s talked with key legislators from both parties to show the deal that’s been struck “puts the state in a better financial position” than continuing to pay rent on two separate buildings for the two agencies.