Iowa Code r. 261-45.4 - Program eligibility, application scoring, and funding decisions

(1) Program eligibility. An applicant must meet the following eligibility criteria to qualify for financial assistance under this program:

a. The applicant must be a city. If the project building or buildings are owned by an entity other than the city, the city must provide information to the authority regarding ownership and the relationship between the owner and the city.

b. The building or buildings that constitute the project must meet the definition of "underutilized building" as determined by the authority.

c. The building or buildings that constitute the project must meet the definition of "community catalyst." The authority shall determine whether the building or buildings meet the definition of "community catalyst" set out in rule 261-45.2 (15).

d. The project must include financial or in-kind resources contributed by the city.

e. The applicant must complete the application and provide all other information and documents reasonably required by the authority.

(2) Application scoring criteria. All completed applications will be reviewed and scored. In order for an applicant to be considered for funding, the application must meet or exceed a minimum score established by the authority. Each application will be scored using criteria set forth by the authority, which may include the following:

a. Economic impact of remediation project. The authority will take into account the potential economic growth and investment that is reasonably expected to occur as a result of the project. The applicant must provide information demonstrating that the expected economic impact of the project is reasonable based on existing factors.

b. Local government support. The level and amount of local government support, including financial support, will be considered for each applicant.

c. Readiness. The authority will assess whether the project is well-prepared and ready to begin within a reasonable amount of time.

d. Project plan and time line. The authority will assess whether the applicant has prepared a detailed project plan and time line for the execution of the project.

e. Project financing. The authority will assess whether the applicant has secured financing and is financially prepared to complete the project.

(3) Funding decisions. Funding decisions will be made using the following process:

a. Staff review. Each application will be reviewed and scored by staff using the eligibility and scoring criteria under this rule. The scores assigned by all participating staff will be added together and divided by the number of participating staff to determine an average numerical score. The application and the average numerical score will be referred to the director with a recommendation as to whether to fund the project and, if funding is recommended, a recommendation as to the amount of the grant.

b. Director's decision. The director will make the final funding decision on each application, taking into consideration the amount of available funding, the average numerical score of the application, and the recommendations made by community development division staff. The director may approve, deny, or defer funding for any application.

c. Minimum score required. In order to receive financial assistance under this program, the application must receive an average minimum score established by the authority. A score exceeding the minimum does not guarantee that the applicant will receive funding.

d. Notification. Each applicant will be notified in writing of the funding decision within 60 days of receipt by the authority of a complete application unless extenuating circumstances exist.

Notes

Iowa Code r. 261-45.4

ARC 3384C, IAB 10/11/17, effective 11/15/17

Adopted by IAB October 11, 2017/Volume XL, Number 8, effective 11/15/2017