Iowa Administrative Code › Agency 261 - Economic Development Authority › Part X - Rural Housing Needs Assessment Grant Program › Chapter 216 - Sports Tourism Program: Infrastructure Fund › Rule 261-216.3 - Eligible Infrastructure Projects

Current through Register Vol. 47, No. 3, July 24, 2024
Eligible projects must actively and directly support sporting
				  events for accredited colleges and universities, professional sporting events,
				  and other sporting events in the area served by an eligible applicant as
				  defined in rule 261-216.2 (15F). Only projects that support sporting events
				  occurring in Iowa are eligible for assistance.
(1) An eligible applicant may apply for and
				receive financial assistance for more than one project. The board may require
				additional information to substantiate the financial need for awarding more
				than one project in any fiscal year.
(2) An eligible applicant may apply for
				financial assistance for a project that spans two fiscal years. If financial
				assistance is approved for two fiscal years, financial assistance will only be
				provided for the second fiscal year if all applicable contractual requirements
				are met. When considering whether to award financial assistance for two fiscal
				years, the board shall evaluate metrics including the amount of revenue
				generated by ticket sales, the estimated economic impact, and the number of
				overnight stays at hotels in the city or county where the sporting event is
				being held. For example, economic impact may be calculated as total estimated
				attendance multiplied by daily attendee spending multiplied by average length
				of stay. If an eligible applicant wishes to supply an alternative formula for
				calculating economic impact, the applicant must supply a credible source for
				using an alternative formula. The authority may include such metrics and
				estimates in a program agreement executed pursuant to Iowa Code section
				15F.401.
(3) A convention and
				visitors bureau shall not in the same fiscal year receive financial assistance
				under the program created in this chapter and financial assistance as part of a
				district created pursuant to 261-Chapter 38.
(4) An eligible applicant shall demonstrate
				the availability of matching funds for financing the sports tourism
				infrastructure project in the form of a private and public partnership with
				financing from city, county, and private sources in order to receive financial
				assistance pursuant to this rule. The amount of matching funds that may be
				required shall be at the board's discretion. An applicant under the program
				shall not receive financial assistance in an amount exceeding 50 percent of the
				total cost of the project.
(5) A
				city, county, or public organization may use financial assistance received
				under the program for infrastructure that actively and directly supports a
				sporting event. Whether an activity or individual cost item is related to the
				sporting event shall be within the discretion of the authority.
(6) A city, county, or public organization
				shall not use financial assistance received under the program as reimbursement
				for completed projects or for costs incurred prior to approval of financial
				assistance.
(7) Financial
				assistance shall be provided for sports tourism infrastructure projects that
				draw a national and international audience and attract a significant number of
				visitors from outside the state. Factors the authority will consider in
				determining whether a project is qualified under this subrule include, but are
				not limited to, whether the likelihood of a national or international audience
				is validated by any available data about the anticipated audiences for the
				event, whether the event is nationally or internationally televised, and
				projected visitor information or visitor information for similar events held in
				the state.
(8) Financial assistance
				shall not be provided for sports tourism infrastructure projects located in
				reinvestment districts as defined and approved by the authority pursuant to
				Iowa Code section
				15J.4
				or to applicants that have received a rebate of sales tax imposed and collected
				by retailers pursuant to Iowa Code section 423.4(5).