Or you can look at is as $20 million in tax credits to build a $700 million dollar project. Which the majority of that labor and material with touch the iowa workforce. It is roughly a 3% savings for Microsoft. While it only creates 29 permanent jobs it does create several jobs in building it. Even if they don't' use an Iowa construction company they have to pay employment and sales taxes. Not saying Iowa will recoup all $20 million immediately, but it probably works out.
Plus developing a relationship with Microsoft shouldn't be looked at as doing a bad thing. Granted i think most large corps are going to go where it is cheapest to build, but maybe this helps Iowa land something else in the future.