Iowa Admin. Code r. 261-68.5

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 261-68.5 - Project completion assistance

(1)Awards and negotiations. The authority may award project completion assistance, in the form of a loan or forgivable loan or combination of both, to a business that meets the eligibility requirements of the program. All award determinations are subject to the requirements of Iowa Code section 15.335B(3). The board, with the assistance of authority staff, will determine the appropriate amount of project completion assistance, and the board will make a good-faith effort to provide only the amount of incentives and assistance necessary to facilitate the project's successful completion. The amount, type, and terms of the assistance provided typically vary according to the needs of each project, and each award is subject to negotiation. The board and the authority will strive to treat similarly situated applicants in a like manner. However, the amount, type, and terms of project completion assistance most appropriate for a given project are necessarily dependent on many factors, and awards of project completion assistance shall be entirely at the discretion of the board.

(2)Factors affecting the amount, type, and terms of project completion assistance. When determining an award of project completion assistance, the board, with the assistance of authority staff, typically considers the following factors:

a. The fiscal impact ratio of the project.

b. Whether the amount of assistance to be awarded is appropriate to the number of jobs that will be created.

c. The availability of funding.

d. Whether other forms of assistance, including tax incentives, are available.

e. The project's level of need, including whether the local community and the private sector are also contributing to the success of the project.

f. The total amount of funds from other sources that can be leveraged.

g. The quality of the project.

Iowa Admin. Code r. 261-68.5

Rescinded IAB 7/4/07, effective 6/15/07.

Amended by IAB February 9, 2022/Volume XLIV, Number 16, effective 3/16/2022

Adopted by IAB July 24, 2024/Volume XLVII, Number 3, effective 8/28/2024