SF 2245 (LSB 5850SS (4) 83)

SENATE FILE 2245

BY  OLIVE

A BILL FOR

An Act relating to the allocation of moneys under the grow Iowa values fund.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

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