15.330 - AGREEMENT.
15.330 AGREEMENT.
A business shall enter into an agreement with the department
specifying the requirements that must be met to confirm eligibility
pursuant to this part. The department shall consult with the
community during negotiations relating to the agreement. The
agreement shall contain, at a minimum, the following provisions:
1. A business that is approved to receive incentives shall, for
the length of the agreement, certify annually to the department the
compliance of the business with the requirements of the agreement.
If the business receives a local property tax exemption, the business
shall also certify annually to the community the compliance of the
business with the requirements of the agreement.
2. The repayment of incentives by the business if the business
does not meet any of the requirements of this part or the resulting
agreement.
3. If a business that is approved to receive incentives under
this part experiences a layoff within the state or closes any of its
facilities within the state, the department shall have the discretion
to reduce or eliminate some or all of the incentives. If a business
has received incentives under this part and experiences a layoff
within the state or closes any of its facilities within the state,
the business may be subject to repayment of all or a portion of the
incentives that it has received.
4. A project completion date, a maintenance period completion
date, the number of jobs to be created or retained, or certain other
terms and obligations described in section 15G.112, subsection 1,
paragraph "d", as the department deems necessary in order to make
the requirements in project agreements uniform. The department, with
the approval of the board, may adopt rules as necessary for making
such requirements uniform. Such rules shall be in compliance with
the provisions of this part and with the provisions of chapter 15G.
Section History: Recent Form
94 Acts, ch 1008, §7; 2004 Acts, ch 1003, §1, 12; 2005 Acts, ch
150, §45, 68, 69; 2009 Acts, ch 123, §13
Referred to in § 15.119
For aggregate limitations on amount of tax credits, see §15.119