Iowa Administrative Code › Agency 261 - Economic Development Authority › Part X - Rural Housing Needs Assessment Grant Program › Chapter 212 - Vision Iowa Program › Rule 261-212.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
When used in this chapter, the following definitions apply
				  unless the context otherwise requires:
"Attraction"
means a permanently located
				  recreational, cultural, educational or entertainment activity that is available
				  to the general public.
"Board"
means the vision Iowa board as
				  established in Iowa Code section
				  15F102..
"Department"
or
"IDED"
means
				  the Iowa department of economic development.
"Economic development organization "
means
				  an entity organized to position a community to take advantage of economic
				  development opportunities and strengthen a community's competitiveness as a
				  place to work and live.
"Float loan"
or
"interim
				  financing"
means a short-term loan (maximum of 30 months) from
				  obligated but unexpended funds.
"Fund"
means the vision Iowa fund
				  established pursuant to Iowa Code section
				  1272..
"Loan "
means an award of assistance with
				  the requirement that the award be repaid with term, interest rate, and other
				  conditions specified as part of the award. A deferred loan is one for which the
				  payment of principal, interest, or both, is not required for some specified
				  period. A forgivable loan is one for which repayment is eliminated in part or
				  entirely if the borrower satisfies specified conditions.
"Local support"
means enorsement by local
				  individuals and organizations that have a substantial interest in a
				  project.
"Major tourism facility "
means a project of
				  at least $20 million in scope that has substantial regional or statewide
				  economic impact.
"Non sfinancial support"
may include, but is
				  not limited to, the value of labor and services which may not total more than
				  25 percent of a local match. Real property and personal property donated for
				  purposes of the project are considered financial support at their fair market
				  value.
"Political subdivision "
means a city or
				  county, or an entity established pursuant to Iowa Code chapter
28E.
"Private organization "
means a corporation,
				  partnership, or other organization that is operated for profit.
"Program "
means the vision Iowa program
				  established in Iowa Code section
				  15F302..
"Public organization"
means a not-for-profit
				  economic development organization or other not-for-profit organization
				  including those that sponsor or support community or tourism attractions and
				  activities.
"Recipient"
means the entity under contract
				  with the vision Iowa board to receive vision Iowa funds and undertake the
				  funded project.
"School district"
means a school corporation
				  organized under Iowa Code chapter 274.
"Subrecipient"
means a private organization
				  or other entity operating under an agreement or contract with a recipient to
				  carry out a funded vision Iowa project.
"Vertical infi-astructure"
means land
				  acquisition and construction, major renovation and major repairs of buildings,
				  all appurtenant structures, utilities, site development, and recreational
				  trails. "Vertical infrastructure" does not include routine, recurring
				  maintenance or operational expenses or leasing of a building, appurtenant
				  structure, or utility without a lease-purchase agreement.
"Vision Lowa program review committee"
means
				  the committee established by Iowa Code section
				  15F304(2).
				  and identified as the following members of the vision Iowa board: four members
				  of the general public, the mayor of a city with a population of 20,000 or more,
				  the director of the Iowa department of economic development or designee, the
				  treasurer of state or designee, and the auditor of state or designee. The chair
				  and vice chair of the vision Iowa board may serve as ex official members of any
				  subcommittee of the board.