House Journal: Page 637: Wednesday, March 6, 2002
15 space have not closed or reduced its operation in one
16 area of the state or a city and relocated
17 substantially the same operation in the enterprise
18 zone. An eligible development business is eligible
19 for one, but not both, of the following exemptions to
20 the capital investment requirements:
21 a. For an eligible development business purchasing
22 a vacant building suitable for industrial use, the
23 fair market value of the building and land, not to
24 exceed two hundred fifty thousand dollars, as
25 determined by the local enterprise zone commission,
26 shall be deducted from the capital investment
27 requirement.
28 b. For an eligible development business that
29 rehabilitates a building space that has been in an
30 enterprise zone for at least five years, the fair
31 market value as established by an appraisal of the
32 building, not to exceed two hundred fifty thousand
33 dollars, shall be deducted from the capital investment
34 requirement."
35 3. Page 4, by striking lines 2 through 6 and
36 inserting the following: "period of at least five
37 years. Nonretail businesses locating in a building
38 space must together occupy at least seventy-five
39 percent of the total building space, create at least
40 ten full-time positions, meet the criteria provided in
41 section 15E.193, subsection 1, paragraphs "a", "b",
42 and "c", and not share common ownership or common
43 management with the development business. The
44 development business shall only receive incentives and
45 assistance for the portion of the building that is
46 leased to nonretail businesses."
47 4. Page 4, by inserting after line 11 the
48 following:
49 "Sec. ___. Section 15E.193C, Code Supplement 2001,
50 is amended by adding the following new subsection:
Page 2
1 NEW SUBSECTION. 12. An approved development
2 business shall submit an annual report to the
3 department of economic development detailing and
4 certifying the number of signed leases, jobs created,
5 and total occupancy of the building. An approved
6 development business shall begin submitting annual
7 reports the year upon approval of the application and
8 shall continue to submit annual reports until
9 incentives and assistance provided pursuant to this
10 section are no longer received by the approved
11 development business."
12 5. By renumbering as necessary.
© 2002 Cornell College and
League of Women Voters of Iowa
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