Iowa · statute · Iowa Code ch. 15 · 122 active provisions
1. The general assembly finds that economic development is an important public purpose and that both the public and private sectors have a shared interest in fostering the economic vitality of the state. Therefore, it is the purpose of this subchapter to implement economic development policy in the state by means of a…
As used in this chapter, unless the context otherwise requires: 1. “Authority” means the economic development authority created in section 15.105. 2. “Bioscience-based economic development” means economic development related to industries involved in any of the bioscience development platforms. 3. “Bioscience developme…
1. The economic development authority is created, and constituted a public instrumentality and agency of the state exercising public and essential governmental functions, to undertake programs which implement economic development policy in the state, and to undertake certain finance programs. a. 1. The powers of the au…
1. a. If a member or employee of the authority has an interest, either direct or indirect, in a contract to which the authority is, or is to be, a party, the interest shall be disclosed to the authority in writing and shall be set forth in the minutes of the authority. b. The member or employee having the interest shal…
1. The authority has any and all powers necessary and convenient to carry out its purposes and duties and exercise its specific powers, including but not limited to the power to: a. Sue and be sued in its own name. b. Have and alter a corporate seal. c. Make and alter bylaws for its management consistent with the provi…
1. In addition to the general powers described in section 15.106A, the authority shall have all powers convenient and necessary to carry out its programs. 2. For purposes of this section, “powers convenient and necessary” includes but is not limited to the power to: a. Undertake more extensive research and discussion o…
1. a. The operations of the authority shall be administered by a director who shall be appointed by the governor, subject to confirmation by the senate, and who shall serve at the pleasure of the governor. b. The director of the economic development authority under paragraph “a” shall also serve as the director of, and…
1. The authority may issue its negotiable bonds and notes in principal amounts as, in the opinion of the authority, are necessary to finance the cost of business enterprises, to finance the working capital needs of businesses, to refinance existing indebtedness incurred for any of the foregoing purposes or any combinat…
1. The authority may prohibit a person from receiving an award of financial assistance, or from being selected as a vendor to provide goods or services to the authority in any of the following circumstances: a. An act or omission by the person seriously affects or threatens public health, public safety, or the environm…
1. The authority shall establish a bioscience development corporation as a nonprofit corporation organized under chapter 504 and qualifying under section 501(c)(3) of the Internal Revenue Code as an organization exempt from taxation. Unless otherwise provided in this subchapter, the corporation is subject to the provis…
1. The corporation’s board of directors and the chief executive officer shall determine the activities and priorities of the corporation within the general parameters of the duties and responsibilities described in this section and in this subchapter. 2. The corporation shall, to the extent its articles so provide and…
1. On or before January 31 of each year, the director shall submit to the authority board and the general assembly a report that describes the activities of the authority during the preceding fiscal year. The report shall include detailed information about jobs created, capital invested, wages paid, and awards made und…
1. In performing delegated functions pursuant to section 15.107A or when engaged in activities that utilize public funding, the corporation shall comply with the provisions of this section. 2. a. The corporation shall submit an annual report to the governor, general assembly, and the auditor of state by January 15. The…
The authority has the following areas of primary responsibility: 1Finance. To provide for financial assistance to businesses, local governments, and educational institutions through loans and grants of state and federal funds to enable them to promote and achieve economic development within the state. To carry out this…
The economic development authority shall coordinate the development of state and local government programs in order to promote efficient and economic use of federal, state, local, and private resources. The authority shall: 1. Provide technical and financial assistance to local and regional government organizations in…
The authority shall not require a city or county to be a dues paying member of a council of governments.
1. a. Under the authority provided in section 15.106A, there shall be established one or more funds within the state treasury, under the control of the authority, to be used for purposes of this section. b. A fund established for purposes of this section shall consist of any moneys appropriated to the authority for pur…
If an entity that is awarded a tax incentive or other financial assistance under any of the programs administered by the authority experiences a business closure or a mass layoff for which notice is required under chapter 84C, the authority may reduce or eliminate some or all of the financial assistance awarded by the…
Before authorizing tax incentives or disbursing moneys to a person or business applying for assistance under any of the authority’s programs, the authority shall conduct a search for outstanding state or local tax liability, tax liens, or other related delinquencies. The authority shall not authorize tax incentives or…
The authority shall ensure that businesses in the state are well informed about the technology patents, licenses, and options available to them from colleges and universities in the state and to ensure the authority’s business development and marketing efforts are conducted in a way that maximizes the advantage to the…
To evaluate and make recommendations to the authority on appropriate funding for the projects and programs applying for financial assistance from the innovation and commercialization development fund created in section 15.412, the economic development authority shall create a technology commercialization committee comp…
1. An Iowa innovation council is established within the authority. The authority shall provide the council with staff and administrative support. The authority may expend moneys allocated to the innovation and commercialization division in order to provide such support. The authority may adopt rules for the implementat…
1. The board and the authority shall give due regard to the confidentiality of certain information disclosed by applicants for financial assistance during the application process, the contract administration process, and the period following closeout of a contract in the manner described in this section. 2. All informa…
1. a. Notwithstanding any provision to the contrary in any of the business development programs listed in subsection 2, the authority, except as provided in paragraph “b”, shall not authorize for any one fiscal year an amount of tax credits for the programs specified in subsection 2 that is in excess of one hundred ten…
1. The Iowa energy center is established within the authority with the following purposes: a. To expand workforce and career opportunities for workers in the energy sector to ensure that the state is able to attract and train professionals to meet the state’s future energy needs. b. To support technology-based developm…