A bill for an act relating to matters under the purview of the economic development authority and the Iowa finance authority including the strategic infrastructure program, brownfield, grayfield, and redevelopment tax credits, community attraction and tourism, vision Iowa, sports tourism marketing, the historic preservation tax credit, homelessness, the title guaranty board, arts and culture, and the Iowa reinvestment Act and including applicability and retroactive applicability provisions.
What changed between versions
Created a new review committee for the Strategic Infrastructure Program to evaluate financial assistance applications and make recommendations to the board.
Added competitive scoring requirements for brownfield redevelopment tax credit applications, requiring the council and board authority to review and score applications based on financial need, quality, and feasibility.
Added new requirements for audit and verification processes for registered redevelopment projects, including submission of examination reports and statements of qualifying investment.
Established new review committees for community attraction and tourism programs and sports tourism marketing and infrastructure programs, each composed of five board members with relevant expertise.
Added provisions requiring coordination between the authority, council, and board when applicants seek additional financial assistance from federal or state sources to prevent duplicate funding.
Modified historic preservation tax credit eligibility to exclude single-family dwelling units unless the project creates two or more new units that were not previously available for occupancy.
Extended project completion timelines for historic preservation projects, allowing extensions of up to 12 consecutive months upon application for extenuating circumstances.