Iowa Administrative Code › Agency 605 - Homeland Security and Emergency Management Department › Chapter 14 - Flood Mitigation Program › Rule 605-14.9 - Board Application Review

Current through Register Vol. 47, No. 3, July 24, 2024
(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
			 466C1., 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
			 41812.
			 or whether the governmental entity is approved to receive financial assistance
			 from the flood mitigation fund under Iowa Code section
			 41810..
(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.