Apple Inc. (AAPL) - Get Apple Inc. (AAPL) Report plans to invest $100 million in a "public improvement fund" in Waukee, IA, the town where it is building two data centers for $1.375 billion. 

The first project will be a youth sports complex, CEO Tim Cook said during his speech in Des Moines unveiling the company's development plans. 

Apple will spend $110 million to acquire and prepare land for the project and will receive a $19.65 million investment tax credit as part of its package with the state of Iowa. 

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