Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 67 - Major Economic Growth Attraction (MEGA) Program › Rule 261-67.6 - Agreements and Compliance

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Execution.
Successful applicants will be required to execute
				an agreement with the authority within 180 days of the award date. The time
				limit for execution may be extended by the authority director for an additional
				180 days for good cause shown. Upon expiration of the time limit, including any
				extensions approved pursuant to this subrule, the board may approve additional
				extensions or rescind the award.
(2)
Requirements.
An
				agreement shall meet all requirements of and be administered pursuant to Iowa
				Code section 15.494 as enacted by 2024 Iowa
				Acts, Senate File 574, section 6.
(3)
Jobs.
An agreement will
				specify the number of created jobs the business has pledged to create in
				addition to the base employment level and the number of qualified jobs. Job
				obligations will be established and monitored pursuant to subrule 67.2(5) and
				rule 261-67.7 (15).
(4)
Investment.
An agreement
				will describe the project and specify the qualifying investment the business
				proposes to make.
(5)
Project completion date.
An agreement will specify the project
				completion date. The project completion date will be the date on which a
				program recipient has agreed to meet all the terms and obligations contained in
				an agreement with the authority, including but not limited to completing the
				project and creating jobs. The project completion period will be at least three
				years. The project completion date is calculated by the authority from the end
				of the month during which an award is made. For example, if an award is made on
				June 13, 2024, the three-year project completion date will be calculated from
				June 30, 2024. The project completion date for this award would be June 30,
				2027.
(6)
Maintenance
				period completion date.
An agreement will specify the maintenance
				period completion date. The maintenance period completion date will be used to
				establish the period during which the project and the created jobs must be
				maintained. The total contract length, including the maintenance period, will
				be at least five years.
(7)
Conditions to issuance of tax credit certificate.
An agreement
				will specify the conditions of issuance of a tax credit certificate, including
				but not limited to compliance with the requirements of Iowa Code section
				15A.1(3)
"b"
regarding solid and hazardous waste and
				verification that the project completion and qualified job threshold specified
				in Iowa Code section 15.496 as enacted by 2024 Iowa
				Acts, Senate File 574, section 8, has been met, if applicable.
(8)
Monitoring and reports.
The authority shall ensure that program recipients comply with contracts
				entered into pursuant to this rule. An agreement will specify the reports a
				program recipient must submit to the authority and due dates for such reports.
				Reports shall be provided in form and content acceptable to the authority.
a. Recipients shall report annually to the
				authority about the status of the funded project, including but not limited to
				employment, wages, benefits, project costs, qualifying investment, and
				compliance with the contract. The authority will use the data it collects in
				the authority's annual report to the general assembly.
b. Recipients shall submit a report to the
				authority following the project completion date and the maintenance period
				completion date to verify compliance with the agreement. On-site or remote
				monitoring may be conducted following the project completion date as deemed
				appropriate by the authority. On-site or remote monitoring may be conducted
				following the maintenance period completion date as deemed appropriate by the
				authority.