Iowa Administrative Code
Agency 261 - Economic Development Authority
Part X - Rural Housing Needs Assessment Grant Program
Chapter 200 - Reinvestment Districts Program
Rule 261-200.1 - Purpose

The board is authorized by the general assembly and the governor to oversee the implementation and administration of certain provisions of the Iowa reinvestment Act, which was enacted in 2013 Iowa Acts, House File 641, and amended by 2020 Iowa Acts, House File 2641. The purpose of this chapter is to describe the manner in which the authority's part of the program will be administered. The program provides for as much as $100 million in state hotel and motel and state sales tax revenues generated by new revenue-generating projects in certain districts to be "reinvested" within those districts for districts approved on or before July 1, 2018, and provides as much as $ 100 million for districts approved after July 1, 2020. In general, the authority has the responsibility to evaluate projects and make funding decisions while the department of revenue has the responsibility for collecting the tax revenues used to fund projects under the program and making payments to municipalities. To the greatest extent possible, the board will fund projects in districts that are the most likely (1) to improve the quality of life of the municipality, the surrounding region, and the state as a whole; (2) to be unique to the municipality, the surrounding region, and the state as a whole; and (3) to substantially benefit the economy of the municipality, the surrounding region, and the state as a whole.