261—23.7 (15) Requirements for the economic development set-aside fund.
	 23.7(1) Restrictions on applicants.
	  a.   	 Applicants shall apply only for direct loans or forgivable loans to make to private businesses for the creation of new jobs or the retention of existing jobs that would otherwise be lost.
	  b.   	 The maximum grant award for individual business assistance applications from any city or county is $1,000,000.
	  c.   	 The average starting wage of jobs to be created or retained by a proposed project shall meet or exceed the lower of 100 percent of the average county wage or 100 percent of the average regional wage.
	  d.   	 At least 51 percent of the permanent jobs created or retained by the proposed project shall be taken by or made available through first consideration activities to persons from low- and moderate-income families.
	  e.   	 Projects must maintain a minimum ratio of one permanent job created or retained for every $10,000 in CDBG funds awarded.
	  f.   	 Terms of conventional loans proposed for the project must be consistent with terms generally accepted by conventional financial institutions.
	  g.   	 Applications must provide evidence of adequate private equity.
	  h.   	 Applications must provide evidence that the EDSA funds requested are necessary to make the proposed project feasible and that the business requesting assistance can continue as a going concern in the foreseeable future if assistance is provided.
	  i.   	 IDED shall not consider applications proposing business relocation from within the state unless evidence exists of unusual circumstances that make the relocation necessary for the business’ viability.
	  j.   	 No significant negative land use or environmental impacts shall occur as a result of the project.
	  k.   	 Transition provision. Applicants that have fully completed preapplications pending before the department prior to January 1, 2004, or fully completed preapplications that are postmarked or E-mailed to the department by the close of business on December 31, 2003, will be evaluated using the rules regarding wage thresholds in effect at the time of submittal.
	 23.7(2) Application procedure. Application forms and instructions shall be available upon request from IDED, Business Development Division, 200 East Grand Avenue, Des Moines, Iowa 50309; telephone (515)242-4819. An original and two copies of completed applications with required attachments shall be submitted to the same address. IDED shall accept EDSA applications at any time and shall review applications on a continuous basis. IDED shall take action on submitted applications within 60 days of receipt. Action may include funding the application for all or part of the requested amount, denying the applicant’s request for funding or requesting additional information from the applicant for consideration before a final decision is made.
	 23.7(3) Review criteria. IDED shall review applications and make funding decisions based on the following criteria:
	  1. 	 Impact of the project on the community.
	  2. 	 Appropriateness of the jobs to be created or retained by the proposed project.
	  3. 	 Appropriateness of the proposed wage and benefit package available to employees in jobs created or retained by the proposed project.
	  4. 	 Degree to which EDSA funding would be leveraged by private investment.
	  5. 	 Degree of demonstrated business need.
In evaluating applications, IDED shall give supplementary credit to applicants who have executed a good neighbor agreement with the business to be assisted.
IDED may conduct site evaluations of proposed projects.