260F.9 - JOB RETENTION PROGRAM.
260F.9 JOB RETENTION PROGRAM.
1. The department of economic development shall administer the
job retention program. The department shall adopt rules pursuant to
chapter 17A necessary for the administration of this section. By
January 15 of each year, the department shall submit a written report
to the general assembly and the governor regarding the activities of
the job retention program during the previous calendar year.
2. A community college and the department may enter into an
agreement to establish a job retention project. A job retention
project agreement shall include, but not be limited to, the
following:
a. The date of the agreement.
b. The anticipated number of employees to be trained.
c. The estimated cost of training.
d. A statement regarding the number of employees employed by
the participating business on the date of the agreement which must
equal at least the lesser of one thousand employees or four percent
or more of the county's resident labor force based on the most recent
annual labor force statistics from the department of workforce
development.
e. A commitment that the participating business shall invest
at least fifteen million dollars to retool the workplace and upgrade
the facilities of the participating business.
f. A commitment that the participating business shall not
move the business operation out of this state or close the business
operation for at least ten years following the date of the agreement.
g. Other criteria established by the department of economic
development.
3. A job retention project agreement entered into pursuant to
this section must be approved by the board of trustees of the
applicable community college, the department of economic development,
and the participating business. Section History: Recent Form
2003 Acts, 1st Ex, ch 2, §77, 209
Referred to in § 260C.18A Footnotes
For future repeal of this section effective June 30, 2010, see
2003 Acts, 1st Ex, ch 2, §93