Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 65 - Brownfield and Grayfield Redevelopment › Rule 261-65.8 - Application to the Redevelopment Tax Credits Program-registration of Projects-agreements

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
System for application, review, registration, and authorization of
				projects.
The authority will administer a system for application,
				review, registration, and authorization of projects as described in this
				subrule and will only issue tax credit certificates pursuant to subrule
				65.11(3).
a. The authority will accept and,
				in conjunction with the council, review applications for tax credits provided
				in Iowa Code section
				15.293A
				and, with the approval of the council, make tax credit award recommendations
				regarding the applications to the board.
b. Applications for redevelopment tax credits
				will only be accepted during the established application period as provided in
				subrule 65.6(2).
c. Upon review of
				an application, the authority may register the project with the redevelopment
				tax credits program. If the authority registers the project, the authority may,
				in conjunction with the council, make a preliminary determination as to the
				amount of tax credit for which an award recommendation will be made to the
				board.
d. After registering the
				project, the authority will notify the investor of successful registration
				under the redevelopment tax credits program. The notification may include the
				amount of tax credit for which an award recommendation will be made to the
				board. If an award recommendation is included in the notification, such
				notification will include a statement that the award recommendation is a
				recommendation only. The amount of tax credit included on a tax credit
				certificate issued pursuant to this rule shall be contingent upon an award by
				the board and upon completion of the requirements in this rule.
e.
(1) All
				completed applications will be reviewed and scored, pursuant to subrule
				65.8(2), on a competitive basis by the council and the board. In reviewing and
				scoring applications, the council and the board may consider any factors the
				council and board deem appropriate for a competitive application process,
				including but not limited to the financial need, quality, and feasibility ofa
				qualifying redevelopment project.
(2) For purposes of this rule:
1.
"Feasibility"
means the
				likelihood that the project will obtain the financing necessary to allow for
				full completion of the project and the likelihood that the proposed
				redevelopment or improvement that is the subject of the project will be fully
				completed.
2.
"Financial
				need"
means the difference between the total costs of the project less
				the total financing that will be received for the project.
3.
"Quality"
means the merit
				of the project after considering and evaluating its total characteristics and
				measuring those characteristics in a uniform, objective manner against the
				total characteristics of other projects that have applied for the tax credit
				provided in this chapter during the same established application
				period.
f.
				Upon reviewing and scoring all applications that are part of an annual
				application period, the board may award tax credits provided in this
				chapter.
g. If the applicant for a
				tax credit provided in this chapter has also applied to an agency of the
				federal government or to the authority, the board, or any other agency of state
				government for additional financial assistance, the authority, the council, and
				the board will consider the amount of funding to be received from such public
				sources when making a tax credit award pursuant to this rule.
h. An applicant that is unsuccessful in
				receiving a tax credit award during an established application period may make
				additional applications during subsequent application periods. Such applicants
				must submit a new application and must be competitively reviewed and scored in
				the same manner as other applicants in that same application period.