1. The new infrastructure category contains projects described in section 384.24, subsection 4, and projects which include, but are not limited to, communication systems, day care, technology transfer adaptation, medical decision-support systems, special transportation services, physical improvements under town square and main street programs, physical improvements to historic, art, and cultural sites and attractions, emergency medical services, and speculative shell buildings built by a local community development organization.
2. Any political subdivision, or nonprofit development corporation, is eligible to apply for loans or grants under this category.
3. Along with the application, the following shall be submitted:
a. A needs assessment study.
b. A capital improvement plan.
c. Evidence of a match of at least ten percent.
4. The department shall rank the applications according to the applicant's financial need, cost-benefit of the project, current conditions or situations, percent of private investment or contribution, and ability to administer the project.
5. The interest rate for a loan, if assessed, may range from zero to five percent. The department may charge applicants an administration fee, not to exceed one percent of the principal amount of the loan or grant, to be paid as a lump sum percent or a percent of the interest rate.
6. The new infrastructure category shall include new infrastructure systems or networks of the state of Iowa, its agencies or instrumentalities which the governor, by executive order, finds and determines will provide local communities with the benefits of new infrastructure. Proceeds of bonds issued to fund costs of state new infrastructure shall not be considered moneys available under the program for purposes of the allocation under subsection 4 of section 15.283. Subsections 2, 3, and 5 of this section are not applicable to state new infrastructure.
88 Acts, ch 1217, § 5; 89 Acts, ch 199, § 1; 89 Acts, ch 301, § 6-8; 91 Acts, ch 23, § 7, 8
Referred to in § 16.107, 16.141
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