15G.111 - GROW IOWA VALUES FUND -- APPROPRIATION -- ALLOCATION OF FUND MONEYS.
15G.111 GROW IOWA VALUES FUND -- APPROPRIATION --
ALLOCATION OF FUND MONEYS.
1. Fund created. A grow Iowa values fund is created in the
state treasury under the control of the department of economic
development consisting of the following:
a. The moneys appropriated to the department pursuant to
section 15G.110.
b. Payments of interest, repayments of moneys loaned, and
recaptures of grants and loans made pursuant to this chapter.
c. All moneys accruing to the department, including payments
of interest, repayments of moneys loaned, royalty payments received,
and recaptures of grants, loans, or other forms of financial
assistance provided to recipients, from the department's
administration of the following preexisting programs:
(1) The community economic betterment program established
pursuant to section 15.317, Code 2009.
(2) The entrepreneurial ventures assistance program established
pursuant to section 15.339, Code 2009.
(3) The value-added agricultural products and processes financial
assistance program established pursuant to section 15E.111, Code
2009.
(4) The physical infrastructure assistance program established
pursuant to section 15E.175, Code 2009.
(5) The loan and credit guarantee program established pursuant to
section 15E.224, Code 2009.
2. Fund administration.
a. The department shall administer the fund consistent with
the provisions of this chapter and with other pertinent Acts of the
general assembly, including providing financial assistance awards
pursuant to section 15G.112.
b. Moneys credited to the fund are not subject to section
8.33. Notwithstanding section 12C.7, interest or earnings on moneys
in the fund shall be credited to the fund.
c. Of the moneys accruing to the fund pursuant to subsection
1, paragraph "c", the department, with the approval of the board,
may allocate an amount necessary to fund administrative and
operations costs. An allocation pursuant to this section may be made
in addition to any allocations made pursuant to subsection 4,
paragraph "a".
3. Appropriation. For each fiscal year of the fiscal period
beginning July 1, 2009, and ending June 30, 2015, there is
appropriated from the fund to the department of economic development
for purposes of making expenditures pursuant to this chapter fifty
million dollars.
4. Departmental purposes. Of the moneys appropriated to the
department pursuant to subsection 3, the department shall allocate
thirty-two million dollars each fiscal year as follows:
a. For administrative costs, an amount not more than six
hundred thousand dollars of the moneys subject to allocation under
this subsection.
b. For awards of financial assistance pursuant to section
15G.112, an amount approved by the board.
c. For marketing proposals pursuant to section 15G.109, an
amount approved by the board.
d. For a statewide labor shed study conducted in coordination
with the department of workforce development, an amount approved by
the board.
e. For responding to opportunities and threats, as described
in section 15G.113, an amount approved by the board.
f. For procuring technical assistance from either the public
or private sector and for information technology purposes, an amount
approved by the board.
g. For covering existing guarantees made under the loan and
credit guarantee program established pursuant to section 15E.224,
Code 2009, an amount approved by the board.
h. During the fiscal year beginning July 1, 2009, and ending
June 30, 2010, for deposit in the renewable fuel infrastructure fund
as provided in section 15G.205, two million dollars. This paragraph
is repealed on July 1, 2010.
5. Board of regents institutions. Of the moneys appropriated
to the department pursuant to subsection 3, the department shall
allocate five million dollars each fiscal year for financial
assistance to institutions of higher learning under the control of
the state board of regents.
a. The financial assistance allocated pursuant to this
subsection is for capacity building infrastructure in areas related
to technology commercialization, for marketing and business
development efforts in areas related to technology commercialization,
entrepreneurship, and business growth, and for infrastructure
projects and programs needed to assist in the implementation of
activities under chapter 262B.
b. In allocating moneys to institutions under the control of
the state board of regents, the board shall require the institutions
to provide a one-to-one match of additional moneys for the activities
funded with moneys appropriated under this subsection.
c. The state board of regents shall annually prepare a report
for submission to the governor, the general assembly, the department,
and the legislative services agency regarding the activities,
projects, and programs funded with moneys allocated under this
subsection.
d. The state board of regents may disburse any moneys
allocated under this subsection and received from the department for
financial assistance to a single biosciences development organization
determined by the department to possess expertise in promoting the
area of bioscience entrepreneurship. The organization must be
composed of representatives of both the public and the private sector
and shall be composed of subunits or subcommittees in the areas of
existing identified biosciences platforms, education and workforce
development, commercialization, communication, policy and governance,
and finance. Such financial assistance shall be used for purposes of
activities related to biosciences and bioeconomy development under
chapter 262B, and to accredited private universities in this state.
6. State parks. Of the moneys appropriated to the department
pursuant to subsection 3, the department shall allocate one million
dollars each fiscal year for purposes of providing financial
assistance for projects in targeted state parks, state banner parks,
and destination parks.
a. The department of natural resources shall submit a plan to
the board for the proposed expenditure of moneys received from the
department pursuant to this subsection. The plan shall focus on
improving state parks, state banner parks, and destination parks for
economic development purposes. The board shall approve, deny,
modify, or defer proposed expenditures under the plan. Based on the
plan submitted and the action of the board in regard to the plan, the
department of economic development shall provide financial assistance
to the department of natural resources for support of state parks,
state banner parks, and destination parks.
b. For purposes of this subsection, "state banner park"
means a park with multiple uses and which focuses on the economic
development benefits of a community or area of the state.
7. Cultural trust fund. Of the moneys appropriated to the
department pursuant to subsection 3, the department shall allocate
one million dollars each fiscal year for deposit in the Iowa cultural
trust fund created in section 303A.4. The board of trustees of the
Iowa cultural trust shall annually prepare a report for submission to
the governor, the general assembly, the department, and the
legislative services agency regarding the activities, projects, and
programs funded with moneys allocated under this subsection.
8. Community colleges. Of the moneys appropriated to the
department pursuant to subsection 3, the department shall allocate
seven million dollars each fiscal year for deposit into the workforce
training and economic development funds of the community colleges
created pursuant to section 260C.18A.
9. Regional financial assistance. Of the moneys appropriated
to the department pursuant to subsection 3, the department shall
allocate one million dollars each fiscal year for providing economic
development region financial assistance under section 15E.232,
subsections 3, 5, 6, 7, and 8, and under section 15E.233, and for
providing financial assistance for business accelerators pursuant to
section 15E.351.
a. Of the moneys allocated in this subsection, the department
shall transfer three hundred fifty thousand dollars each fiscal year
for the fiscal period beginning July 1, 2009, and ending June 30,
2015, to Iowa state university of science and technology, for
purposes of providing financial assistance to establish small
business development centers in areas of the state previously served
by a small business development center, to develop business
succession plans, and to maintain existing small business development
centers. Of the three hundred fifty thousand dollars transferred
each fiscal year pursuant to this paragraph, not more than one
hundred thousand dollars shall be used for business succession
activities. Financial assistance for a small business development
center shall not exceed fifty thousand dollars per fiscal year and
shall not be awarded unless the city or county where the center is
located or scheduled to be located demonstrates the ability to obtain
local matching moneys on a dollar-for-dollar basis for at least
twenty-five percent of the cost of the center.
b. Of the moneys allocated under this subsection, the
department may use up to fifty thousand dollars each fiscal year
during the fiscal period beginning July 1, 2009, and ending June 30,
2015, for purposes of providing training, materials, and assistance
to Iowa business resource centers.
10. Commercialization services. Of the moneys appropriated
to the department pursuant to subsection 3, the department shall
allocate three million dollars for deposit in the innovation and
commercialization development fund created in section 15.412. Section History: Recent Form
2005 Acts, ch 150, §2; 2005 Acts, ch 170, §19; 2006 Acts, ch 1010,
§9, 10; 2006 Acts, ch 1175, §1, 2, 23; 2006 Acts, ch 1176, §20, 29;
2007 Acts, ch 122, §2--4; 2008 Acts, ch 1031, §15; 2008 Acts, ch
1102, §2, 3, 5; 2008 Acts, ch 1179, §53; 2009 Acts, ch 123, §2, 33;
2009 Acts, ch 170, §3, 11; 2009 Acts, ch 184, §37
Referred to in § 15.103, 15.104, 15E.351, 15G.101, 15G.112,
15G.115, 455B.433
See annual Iowa Acts for temporary exceptions, changes, or other
noncodified enactments modifying these statutory provisions Footnotes
2009 amendment providing for reductions in each appropriation made
for FY 2008-2009 in subsections 1 through 9 of this section, as it
appeared in Code 2009, by twenty percent and appropriating ten
million dollars from the grow Iowa values fund to the department of
economic development for FY 2008-2009, to be used for the small
business disaster recovery financial assistance program established
pursuant to § 15E.361, took effect on March 13, 2009, and applied
from July 1, 2008, until June 30, 2009; 2009 Acts, ch 170, §3, 11
Transfer of balances remaining on June 30, 2009, in funds or
accounts associated with the community economic betterment program,
the entrepreneurial ventures assistance program, the value-added
agricultural products and processes financial assistance program, the
physical infrastructure financial assistance program, and the loan
and credit guarantee program to grow Iowa values fund; 2009 Acts, ch
123, §9