Iowa Administrative Code
Agency 261 - Economic Development Authority
Part IV - Business Development Division
Chapter 65 - Brownfield and Grayfield Redevelopment
Rule 261-65.4 - Eligible Forms of Assistance and Limitations
Current through Register Vol. 47, No. 6, September 18, 2024
(1) Financial assistance. Eligible forms of financial assistance include grants, interest-bearing loans, forgivable loans, loan guarantees, tax credits, and other forms of assistance under the brownfield redevelopment program and the redevelopment tax credits program for brownfields and grayfields established in 2011 Iowa Code Supplement sections 15292. and 15293A..
(2) Other forms of assistance. The authority may provide information on alternative forms of assistance.
(3) Limitation on amount. An applicant shall not receive financial assistance of more than 25 percent of the agreed-upon estimated total cost of remediation, acquisition or redevelopment. This limitation does not apply to assistance provided in the form of tax credits pursuant to subrule 65.11(4).
(4) Exclusions. Program funds shall not be used for the remediation of contaminants being addressed under Iowa's leaking underground storage tank (UST) program. However, a site's being addressed under the UST program does not necessarily exclude that site from being addressed under the Iowa brownfield redevelopment Act if other nonpetroleum contaminants or petroleum substances not addressed under 567-Chapter 135 are present.
