Senate File 2325 - Enrolled
PAG LIN
1 1 SENATE FILE 2325
1 2
1 3 AN ACT
1 4 RELATING TO THE GROW IOWA VALUES FUND BY ALLOCATING MONEYS
1 5 FOR THE PHYSICAL INFRASTRUCTURE ASSISTANCE PROGRAM AND
1 6 CHANGING CERTAIN JOB AND WAGE REQUIREMENTS, AND PROVIDING
1 7 AN EFFECTIVE DATE.
1 8
1 9 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 10
1 11 Section 1. Section 15E.175, subsection 1, Code 2007, is
1 12 amended by striking the subsection and inserting in lieu
1 13 thereof the following:
1 14 1. The department shall establish a physical
1 15 infrastructure financial assistance program to provide
1 16 financial assistance for business or community physical
1 17 infrastructure development or redevelopment projects.
1 18 Physical infrastructure development or redevelopment projects
1 19 include but are not limited to infrastructure projects
1 20 involving any mode of transportation; public works and
1 21 utilities such as sewer, water, power, or telecommunications;
1 22 physical improvements which mitigate, prevent, or eliminate
1 23 environmental contaminants; and any other project deemed
1 24 appropriate by the department.
1 25 a. Physical infrastructure projects that create the
1 26 necessary infrastructure for economic success throughout Iowa,
1 27 that provide the foundation for the creation of quality,
1 28 high=wage jobs, and that involve substantial capital
1 29 investment may be eligible for financial assistance under the
1 30 program if within three years of the completion of the
1 31 project, the project meets certain performance measurements
1 32 established by the department. The performance measurements
1 33 may include but are not limited to a requirement for building
1 34 infrastructure projects involving tenant businesses that the
1 35 tenant businesses meet minimum job and wage requirements
2 1 pursuant to section 15G.112. If, at the end of the three=year
2 2 period, the project has not met the performance measurements
2 3 established by the department, the department may seek to
2 4 reclaim any funds granted through the program. At the
2 5 department's discretion, a project may be granted an
2 6 additional year of time to meet the performance measurements
2 7 of this subsection.
2 8 b. The department shall adopt rules governing the awarding
2 9 and use of funds pursuant to this section.
2 10 Sec. 2. Section 15G.111, subsection 1, paragraph a, Code
2 11 Supplement 2007, is amended to read as follows:
2 12 a. For the fiscal period beginning July 1, 2005 2007, and
2 13 ending June 30, 2015, there is appropriated each fiscal year
2 14 from the grow Iowa values fund created in section 15G.108, the
2 15 following amounts for the purposes designated:
2 16 (1) For the fiscal year beginning July 1, 2005, and ending
2 17 June 30, 2006, to the department of economic development
2 18 thirty=five million dollars for programs administered by the
2 19 department of economic development.
2 20 (2) For each fiscal year of the fiscal period beginning
2 21 July 1, 2006, and ending June 30, 2007, to the department of
2 22 economic development thirty=three million dollars for programs
2 23 administered by the department of economic development.
2 24 (3) (1) For each fiscal year of the fiscal period
2 25 beginning July 1, 2007, and ending June 30, 2009, to the
2 26 department of economic development thirty million dollars for
2 27 the following programs administered by the department of
2 28 economic development.:
2 29 (a) The targeted small business financial assistance
2 30 program established pursuant to section 15.247.
2 31 (b) The community economic betterment program established
2 32 pursuant to section 15.317.
2 33 (c) The entrepreneurial venture assistance program
2 34 established pursuant to section 15.339.
2 35 (d) The value=added agricultural products and processes
3 1 financial assistance program established pursuant to section
3 2 15E.111.
3 3 (e) The physical infrastructure financial assistance
3 4 program established pursuant to section 15E.175.
3 5 (f) The loan and credit guarantee program established
3 6 pursuant to section 15E.224.
3 7 (4) (2) For each fiscal year of the fiscal period
3 8 beginning July 1, 2009, and ending June 30, 2015, to the
3 9 department of economic development thirty=two million dollars
3 10 for the following programs administered by the department of
3 11 economic development.:
3 12 (a) The targeted small business financial assistance
3 13 program established pursuant to section 15.247.
3 14 (b) The community economic betterment program established
3 15 pursuant to section 15.317.
3 16 (c) The entrepreneurial venture assistance program
3 17 established pursuant to section 15.339.
3 18 (d) The value=added agricultural products and processes
3 19 financial assistance program established pursuant to section
3 20 15E.111.
3 21 (e) The physical infrastructure financial assistance
3 22 program established pursuant to section 15E.175.
3 23 (f) The loan and credit guarantee program established
3 24 pursuant to section 15E.224.
3 25 Sec. 3. Section 15G.111, Code 2007, is amended by adding
3 26 the following new subsection:
3 27 NEW SUBSECTION. 8A. For the fiscal period beginning July
3 28 1, 2008, and ending June 30, 2015, from the moneys
3 29 appropriated each fiscal year from the grow Iowa values fund
3 30 created in section 15G.108, to the department for program
3 31 administration pursuant to subsection 1, paragraph "a", the
3 32 department may allocate up to five million dollars to projects
3 33 qualifying for assistance under the physical infrastructure
3 34 financial assistance program established pursuant to section
3 35 15E.175 which, notwithstanding section 15G.112, shall not be
4 1 subject to job or wage requirements. The department may
4 2 allocate moneys from the grow Iowa values fund above five
4 3 million dollars each year to projects qualifying for
4 4 assistance under the physical infrastructure financial
4 5 assistance program but such projects shall be subject to the
4 6 job and wage requirements of section 15G.112.
4 7 Sec. 4. Section 15G.112, subsections 1 and 3, Code 2007,
4 8 are amended to read as follows:
4 9 1. In order to be eligible to receive financial assistance
4 10 from the department from the moneys appropriated in section
4 11 15G.111, subsection 1, paragraph "a", from the grow Iowa
4 12 values fund to the department for programs administered by the
4 13 department, the average annual wage, including benefits, of
4 14 new jobs created must be equal to or greater than one hundred
4 15 thirty percent of the average county wage. For purposes of
4 16 this section, "average county wage" and "benefits" mean the
4 17 same as defined in section 15I.1.
4 18 3. In awarding moneys appropriated to the department
4 19 pursuant to section 15G.111, subsection 1, paragraph "a", from
4 20 the grow Iowa values fund for programs administered by the
4 21 department, the department shall give special consideration to
4 22 projects that include significant physical infrastructure
4 23 components designed to increase property tax revenues to local
4 24 governments.
4 25 Sec. 5. EFFECTIVE DATE. This Act, being deemed of
4 26 immediate importance, takes effect upon enactment.
4 27
4 28
4 29
4 30 JOHN P. KIBBIE
4 31 President of the Senate
4 32
4 33
4 34
4 35 PATRICK J. MURPHY
5 1 Speaker of the House
5 2
5 3 I hereby certify that this bill originated in the Senate and
5 4 is known as Senate File 2325, Eighty=second General Assembly.
5 5
5 6
5 7
5 8 MICHAEL E. MARSHALL
5 9 Secretary of the Senate
5 10 Approved , 2008
5 11
5 12
5 13
5 14 CHESTER J. CULVER
5 15 Governor