15G.101 - DEFINITIONS.
15G.101 DEFINITIONS.
For purposes of this chapter, unless the context otherwise
requires:
1. "Base employment level" means the number of full-time
equivalent positions at a business, as established by the department
and a business using the business's payroll records, as of the date a
business applies for financial assistance under the program.
2. "Benefit" means nonwage compensation provided to an
employee. Benefits typically include medical and dental insurance
plans, pension, retirement, and profit-sharing plans, child care
services, life insurance coverage, vision insurance coverage,
disability insurance coverage, and any other nonwage compensation as
determined by the board.
3. "Board" means the Iowa economic development board.
4. "County wage" means the county wage calculation performed
by the department pursuant to section 15G.112, subsection 3.
5. "Created job" means a new, permanent, full-time equivalent
position added to a business's payroll in excess of the business's
base employment level.
6. "Department" means the department of economic development.
7. "Financial assistance" means assistance provided only from
the funds, rights, and assets legally available to the department
pursuant to this chapter and includes but is not limited to
assistance in the form of grants, loans, forgivable loans, and
royalty payments.
8. "Fiscal impact ratio" means a ratio calculated by
estimating the amount of taxes to be received from a business by the
state and dividing the estimate by the estimated cost to the state of
providing certain financial incentives to the business, reflecting a
ten-year period of taxation and incentives and expressed in terms of
current dollars. For purposes of the grow Iowa values financial
assistance program, "fiscal impact ratio" does not include taxes
received by political subdivisions.
9. "Full-time equivalent position" means a non-part-time
position for the number of hours or days per week considered to be
full-time work for the kind of service or work performed for an
employer. Typically, a full-time equivalent position requires two
thousand eighty hours of work in a calendar year, including all paid
holidays, vacations, sick time, and other paid leave.
10. "Fund" means the grow Iowa values fund created in section
15G.111.
11. "Maintenance period" means the period of time between the
project completion date and maintenance period completion date.
12. "Maintenance period completion date" means the date on
which the maintenance period ends.
13. "Project completion date" means the date by which a
recipient of financial assistance has agreed to meet all the terms
and obligations contained in an agreement with the department as
described in section 15G.112, subsection 1, paragraph "d".
14. "Project completion period" means the period of time
between the date financial assistance is awarded and the project
completion date.
15. "Qualifying wage threshold" means the county wage or the
regional wage, as calculated by the department pursuant to section
15G.112, subsection 3, whichever is lower.
16. "Regional wage" means the regional wage calculation
performed by the department pursuant to section 15G.112, subsection
3.
17. "Retained job" means a full-time equivalent position, in
existence at the time an employer applies for financial assistance
which remains continuously filled or authorized to be filled as soon
as possible and which is at risk of elimination if the project for
which the employer is seeking assistance does not proceed. Section History: Recent Form
2009 Acts, ch 123, §1
Referred to in § 15.104, 15.327, 15.335A, 15E.193