Iowa Code r. 605-14.4 - Flood mitigation project eligibility
(1) An eligible applicant is a governmental
entity as defined in rule
605-14.2 (418).
(2) Eligible project types include
construction and reconstruction of levees, embankments, impounding reservoirs,
conduits, or other means that are necessary for the protection of property from
the effects of floodwaters and may include the deepening, widening, alteration,
change, diversion, or other improvement of watercourses if necessary for the
protection of such property from the effects of floodwaters. A project may
consist of one or more phases of construction or reconstruction that are
contracted for separately if the larger project, of which the project is a
part, otherwise meets the requirements of this subrule.
(3) For the project to be eligible for flood
mitigation funding from the sales tax increment fund, the project, or an
earlier phase of the project, is required to have been approved to receive
federal financial assistance under the Water Resources Development Act (WRDA),
the Environmental Protection Agency (EPA), or other federal programs providing
assistance specifically for hazard mitigation. Prior to submission of an
application, a governmental entity shall request a report from the Iowa
department of revenue that provides recent historical data on sales tax revenue
and trends in sales tax revenue growth. If a project is eligible for state
financial assistance under Iowa Code section
29C.6(17), such
project is ineligible for flood mitigation funding under this chapter. The
federal award must be in an amount equal to at least 20 percent of the total
project cost or $30 million, whichever is less.
(4) For the project to be eligible for flood
mitigation funding from the flood mitigation fund or sales tax increment fund,
the governmental entity shall provide a local match of at least 50 percent of
the total cost of the project less any federal financial assistance. The sales
tax increment shall fund a maximum of 50 percent of the total project cost. The
federal share of the total project cost shall be a minimum of 20 percent of the
total project cost or $30 million, whichever is less. The local match, when
combined with the federal share, shall fund a minimum of 50 percent of the
total project cost. The governmental entity shall provide funding for the local
match.
(5) The project must result
in nonpublic investment in the governmental entity's area, as defined in Iowa
Code section 418.11(3), of
an amount equal to 50 percent of the total cost of the project. For purposes of
this subrule, "nonpublic investment" means investment by nonpublic entities
consisting of capital investment or infrastructure improvements occurring in
anticipation of or as a result of the project during the period of time between
July 1, 2008, and ten years after the board approves the project.
(6) A governmental entity shall not seek
approval from the board for a project if the governmental entity previously had
a board-approved project or if the governmental entity was part of a
governmental entity as defined in rule
605-14.2 (418) that had a
board-approved project.
Notes
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