Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 68 - High Quality Jobs Program (HQJP) › Rule 261-68.6 - 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 sections
				15.330 and
				15.330A.
(3)
Jobs.
An agreement will
				specify the number of jobs the business has pledged to create in addition to
				the base employment level and the number of retained jobs, if applicable. If
				the project is a modernization project or retention-only project, the business
				shall maintain the base employment level. Job obligations will be established
				and monitored pursuant to rule 261-68.7(15).
(4)
Investment.
An agreement
				will describe the project and specify the 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
				or retaining 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, 2023, the three-year project completion date will be calculated from June
				30, 2023. The project completion date for this award would be June 30,
				2026.
(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, the created jobs, if any, and
				the retained jobs must be maintained. A modernization project shall maintain
				the base employment level through the maintenance period completion date. The
				total contract length, including the maintenance period, will be at least five
				years.
(7)
Conditions to
				disbursement.
An agreement will specify the conditions to disbursement
				of project completion assistance funds or 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.
(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, capital 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.