DES MOINES, Iowa (AP) — Voters on Tuesday elected Des Moines Mayor Frank Cownie to a fifth term as the businessman narrowly defeated developer and former legislator Jack Hatch.

Cownie beat Hatch by less than 300 votes out of more than 20,000 cast. The two candidates had gone to a runoff after topping other candidates in the Nov. 5 general election.

The election followed an expensive campaign in which the two candidates raised more than $500,000, with both contributing personal loans.

In his campaign, Cownie highlighted a surge in investment in the city during his tenure and the recent passage of a local-option sales tax. He promised Tuesday night to work with others to continue that positive trend.

Cownie, the owner of a fur shop, will be paid $57,760 annually as mayor.