H.F. 2352 Section 1. Section 15G.111, subsection 4, Code Supplement 1 2009, is amended by adding the following new paragraph: 2 NEW PARAGRAPH . i. (1) For each fiscal year of the fiscal 3 period beginning July 1, 2010, and ending June 30, 2013, five 4 million dollars for purposes of making awards of financial 5 assistance pursuant to section 15G.112 exclusively to projects 6 meeting the following requirements: 7 (a) The project is located in a city having a population of 8 at least seven thousand but not more than nine thousand based 9 on the 2000 certified federal census. 10 (b) The project is located in a city that has experienced a 11 substantial loss of employment due to the closing of a major 12 employer within the last four years. 13 (2) If, in any fiscal year, the amount of assistance 14 requested by projects meeting the requirements of this 15 paragraph “i” ; does not equal or exceed the amount allocated, 16 the department may award the difference between the amount 17 requested and the amount allocated to any applicant otherwise 18 qualified under section 15G.112. 19 EXPLANATION 20 This bill relates to the allocation of moneys under the grow 21 Iowa values fund. 22 Currently, the department of economic development must 23 allocate $32 million of the money appropriated to it from the 24 grow Iowa values fund for departmental purposes. One of these 25 purposes is for making awards of financial assistance under the 26 grow Iowa values financial assistance program in Code section 27 15G.112. This bill directs the department to allocate up to 28 $5 million of such financial assistance for projects in cities 29 with a population of at least 7,000 but not more than 9,000 30 that have also experienced major employment loss within the 31 last four years. If the amount of assistance requested is 32 less than the amount allocated, the department may award the 33 assistance to projects otherwise qualified under the grow Iowa 34 values financial assistance program. 35 -1- LSB 5850YH (5) 83 tw/sc 1/ 1