Iowa Administrative Code
Agency 261 - Economic Development Authority
Part III - Community Development Division
Chapter 26 - Variance Procedures for Tax Increment Financing (TIF) Housing Projects
Rule 261-26.6 - Criteria for Review
Current through Register Vol. 47, No. 6, September 18, 2024
A municipality must submit the following information and other information as may be required on forms developed by the department:
1. Narrative. A description of the project and explanation of the need for the variance on low-and moderate-income benefit percentage.
2. Total tax levy applied to TIF area, minus debt service levies.
3. Current tax rollback percentage.
4. Total project development cost.
5. Number of lots to be sold.
6. Projected average home value within the housing project area.
7. Value of imimproved lots.
8. Proposed debt structure, including interest rate, term of debt, transaction costs, repayment terms.
9. Projected revenue from a project by year, including amount from tax increment, sale of lots, development fees and other sources.
10. Projected sale of lots by year.
11. Projected number of homes completed by year.
12. Use of five-year extension, if available.
13. Comments solicited or received from parties affected by the variance.
14. Proposed amount of funds and activities to benefit housing needs of LMI persons.
