Senate File 2049 - Introduced



                                       SENATE FILE       
                                       BY  HATCH


    Passed Senate, Date               Passed House, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act creating a targeted development area business recruitment
  2    program.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 5412SS 81
  5 tm/gg/14

PAG LIN



  1  1    Section 1.  NEW SECTION.  15E.361  TARGETED DEVELOPMENT
  1  2 AREA BUSINESS RECRUITMENT PROGRAM.
  1  3    1.  The department shall establish and administer a
  1  4 targeted development area business recruitment program to
  1  5 provide financial assistance to cities and counties for
  1  6 purposes of assisting business recruitment in targeted
  1  7 development areas.  Financial assistance under the program
  1  8 shall be in the form of grants.  The department shall use
  1  9 moneys appropriated to the department from the grow Iowa
  1 10 values fund pursuant to section 15G.111, subsection 1, subject
  1 11 to approval of the economic development board, to provide
  1 12 financial assistance under this section.
  1 13    2.  In order for a targeted development area to be eligible
  1 14 for financial assistance under the program, the city or county
  1 15 applicant must show that the targeted development area is
  1 16 within an enterprise zone certified pursuant to section
  1 17 15E.192 and meets the criteria of a slum area or blighted area
  1 18 as defined in section 403.17.
  1 19                           EXPLANATION
  1 20    This bill creates a targeted development area business
  1 21 recruitment program.
  1 22    The bill requires the department of economic development to
  1 23 establish and administer a targeted development area business
  1 24 recruitment program to provide financial assistance to cities
  1 25 and counties for purposes of assisting business recruitment in
  1 26 targeted development areas.  The bill provides that financial
  1 27 assistance under the program shall be in the form of grants.
  1 28 The bill requires the department to use moneys appropriated to
  1 29 the department from the grow Iowa values fund, subject to
  1 30 approval of the economic development board, to provide
  1 31 financial assistance under the program.
  1 32    The bill provides that, in order for a targeted development
  1 33 area to be eligible for financial assistance under the
  1 34 program, the city or county applicant must show that the
  1 35 targeted development area is within a certified enterprise
  2  1 zone and meets the criteria of a slum area or blighted area as
  2  2 defined under the urban renewal law in Code chapter 403.
  2  3 LSB 5412SS 81
  2  4 tm:nh/gg/14