Iowa Code r. 605-14.9 - Board application review
(1) The board shall not approve a project for
inclusion in the program if the application is received after January 1,
2016.
(2) The board may request an
independent engineering review of the project to determine the technical
feasibility, engineering standards, and total estimated cost of the project.
Such review may be completed by the United States Army Corps of Engineers. All
costs related to the review shall be the responsibility of the governmental
entity.
(3) The board shall not
approve any project plan that includes financial assistance pursuant to this
chapter that would be used to pay principal and interest on or refinance any
debt or other obligation existing prior to the approval of the
project.
(4) The board shall not
approve a project plan application for which the amount of sales tax increment
revenue remitted to the governmental entity would exceed $15 million in any one
fiscal year or if approval of the project would result in total remittances in
any one fiscal year for all approved projects to exceed, in the aggregate, $30
million.
(5) The board may contract
with or otherwise consult with the Iowa flood center, established in Iowa Code
section 466C.1, to assist in
administering the flood mitigation program and review of
applications.
(6) The board, after
consulting with the economic development authority, shall approve, defer, or
deny the applications.
(7) If the
application is denied, the board shall state the reasons for the denial. The
governmental entity may resubmit the application for consideration anytime
prior to January 1, 2016.
(8) If
the application is approved, the board shall specify whether the governmental
entity is approved for use of the sales tax revenues under Iowa Code section
418.12 or whether the
governmental entity is approved to receive financial assistance from the flood
mitigation fund under Iowa Code section
418.10.
(9) If the board approves an application that
includes the use of sales tax increment revenues, the board shall establish the
annual maximum amount of such revenues that may be remitted to the governmental
entity not to exceed $15 million or 70 percent of the total yearly amount of
increased sales tax revenue in the governmental entity's applicable area and
deposited in the governmental entity's account, whichever is less. The board
may, however, establish remittance limitations for the project lower than those
specified in this subrule.
(10) If
the board approves an application that includes financial assistance from the
flood mitigation fund, the board shall negotiate and execute on behalf of the
department all necessary agreements to provide such financial
assistance.
(11) Upon approval of
an application for financial assistance under the program, the board shall
notify the treasurer of state regarding the amount of moneys needed to satisfy
the award of financial assistance and the terms of the award.
(12) If, following approval of an
application, it is determined that the amount of federal financial assistance
exceeds the amount of federal financial assistance specified in the
application, the board shall reduce the award of financial assistance from the
flood mitigation fund or reduce the amount of sales tax revenue to be received
for the project by a corresponding amount.
(13) Following the approval of an application
which proposes to use sales tax increment revenues, the governmental entity
shall adopt a resolution authorizing the use of sales tax increment from the
governmental entity's flood project fund. Within ten days of adoption, the
governmental entity shall provide a copy of the resolution to the Iowa
department of revenue.
Notes
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