Text: HF02348 Text: HF02350 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 15E.201 MAIN STREET INVESTMENTS
1 2 LOAN PROGRAM.
1 3 The department shall adopt rules to establish a main street
1 4 investments loan program to increase the availability of lower
1 5 cost funds to stimulate building restorations or
1 6 rehabilitations of historic buildings within the central
1 7 business district of a city which is approved as a certified
1 8 local government pursuant to section 303.16. The rules shall
1 9 include the following conditions:
1 10 1. Investment loans shall be limited to projects for a
1 11 building restoration or rehabilitation located in the central
1 12 business district whose boundaries are the same as the main
1 13 street or rural main street or central business district of a
1 14 city which is a certified local government project area.
1 15 2. Eligible borrowers are limited to the property owner,
1 16 contract purchaser of record, or long-term lessee.
1 17 3. Loan applications under this program shall be for the
1 18 restoration or rehabilitation of buildings which are eligible
1 19 or nominated or listed on the national register of historic
1 20 places. Public buildings are excluded.
1 21 4. The maximum loan amount under the main street
1 22 investments loan program is fifty thousand dollars per
1 23 project.
1 24 Sec. 2. NEW SECTION. 15E.202 APPLICATION PROCESS.
1 25 Applicants shall be approved as a certified local
1 26 government by the department of cultural affairs under the
1 27 provisions of section 303.16 prior to submitting applications
1 28 to the department for loans under the main street investments
1 29 loan program. The department of economic development shall
1 30 adopt rules pursuant to chapter 17A, in consultation with the
1 31 department of cultural affairs, to require applicants to do
1 32 the following:
1 33 1. Show evidence of preliminary design assistance.
1 34 2. Show evidence of preliminary design review approval
1 35 from the local design review committee.
2 1 3. Submit project plans and specifications prepared by a
2 2 design professional with historic preservation experience.
2 3 Sec. 3. APPROPRIATION. There is appropriated from the
2 4 rebuild Iowa infrastructure fund to the department of economic
2 5 development for the fiscal year beginning July 1, 1998, and
2 6 ending June 30, 1999, the following amount, or so much thereof
2 7 as is necessary, to be used for the purpose designated:
2 8 For the main street investments loan program established in
2 9 section 15E.201:
2 10 .................................................. $ 500,000
2 11 Notwithstanding section 8.33, the unencumbered or
2 12 unobligated moneys remaining on June 30 of the fiscal year
2 13 from the moneys appropriated in this section may be expended
2 14 during the following fiscal year for the same purpose.
2 15 EXPLANATION
2 16 This bill establishes a main street investments loan
2 17 program in the department of economic development to provide
2 18 low-cost loans for the restoration of historic buildings
2 19 within the central business districts of cities. Loans are
2 20 limited to property owners, contract purchasers, or long-term
2 21 lessees. The department shall not loan more than $50,000 per
2 22 project.
2 23 To be eligible for the loan, applicants must be a certified
2 24 local government and submit to the department project plans
2 25 prepared by a professional with historic preservation
2 26 experience.
2 27 The bill appropriates $500,000 to the department of
2 28 economic development for the 1998-1999 fiscal year for the
2 29 loan program.
2 30 LSB 3488YH 77
2 31 jm/jw/5
Text: HF02348 Text: HF02350 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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