15F.302 - VISION IOWA PROGRAM.
15F.302 VISION IOWA PROGRAM.
1. The board shall establish and the department, subject to
direction and approval by the board, shall administer a vision Iowa
program to assist communities in the development of major tourism
facilities.
2. A city or county or a public organization in the state may
submit an application to the board for financial assistance for a
project under the program. For purposes of this subsection,
"public organization" means a nonprofit economic development
organization or other nonprofit organization that sponsors or
supports community or tourism attractions and activities. The
financial assistance from the fund shall be provided only from funds,
rights, and assets legally available to the board and shall be in the
form of grants, loans, forgivable loans, pledges, and credit
enhancements and financing instruments. The application shall
include, but not be limited to, the following information:
a. The total capital investment of the project, including but
not limited to costs for construction, site acquisition, and
infrastructure improvement.
b. A description of the proposed financing including the
amount or percentage of local and private matching moneys to be
provided for the project.
c. The total number of jobs to be created or retained by the
project.
d. The need of the community for the project and for
financial assistance.
e. The long-term, tax-generating impact of the project.
f. A discussion of how the project meets other criteria
established in this subchapter.
g. The projected long-term economic viability of the project,
including projected revenues and expenses.
3. A school district, in cooperation with a city or county, may
submit a joint application for financial assistance for a project
under the program. The financial assistance shall be provided only
from funds, rights, and assets legally available to the board and
shall be in the form of grants, loans, forgivable loans, and credit
enhancements and financing instruments. In addition to the
information required in subsection 2, the application shall include a
demonstration that the intended future use of the project shall be by
both joint applicants. Section History: Recent Form
2000 Acts, ch 1174, §12; 2001 Acts, ch 185, §40, 41, 49
Referred to in § 12.72, 12.73, 12.75, 15F.106, 15F.301, 15F.304,
292.2