Current through Register Vol. 47, No. 6, September 18, 2024
(1)Plan amendments.
a. A municipality may request an amendment to
an approved district plan to add or modify projects. However, a proposed
modification to a project, and each project proposed to be added, must first be
approved by the board in the same manner as provided for the original plan,
including updated or amended feasibility and economic impact studies as
necessary. An applicant requesting a plan amendment is not required to file a
preapplication pursuant to rule
261-200.4 (15J) unless the
amendment would increase the maximum benefit amount. A plan amendment request
that does not increase the maximum benefit amount may be requested at any
time.
b. There is no circumstance
in which the board will approve an amendment to a district plan if that
amendment would result in the extension of the final commencement date
established by the board. A request to extend a district's established
commencement date will be rejected.
c. If a district plan is amended to add or
modify a project, the municipality shall, if necessary, amend the ordinance or
resolution, as applicable, to reflect any changes to the financial information
required to be included under the program.
d. If, after final approval and establishment
of the district, a municipality is unable to carry out development of all the
projects proposed to be undertaken in a district, the municipality shall seek a
modification to the plan. If a requested plan amendment would reduce capital
investment in a district or remove one or more of the projects originally
approved for the district, the board in its discretion may reduce, rescind, or
otherwise modify the maximum benefit amount accordingly.
(2)
Reports required.
Following establishment of a district, the municipality shall on or before
October 1 of each year submit a report to the board detailing all of the
following:
a. The status of each project
undertaken within the district in the previous 12 months.
b. An itemized list of expenditures from the
municipality's reinvestment project fund in the previous 12 months that have
been made related to each project being undertaken within the
district.
c. The amount of the
total project cost remaining for each project being undertaken within the
district as of the date the report is submitted.
d. The amounts, types, and sources of funding
used for each project described in paragraph"a. "
e. The amount of bonds issued or other
indebtedness incurred for each project described in paragraph"a,
" including information related to the rate of interest, length of
term, costs of issuance, and net proceeds. The report shall also include the
amounts and types of moneys to be used for payment of such bonds or
indebtedness.
(3)
Reports posted to Internet site and submitted to governor and general
assembly. All reports received by the board under subrule 200.9(2)
will be posted on the authority's Internet site as soon as practicable
following receipt of the report. The board will submit a written report to the
governor and the general assembly on or before January 15 of each year that
summarizes and analyzes the information submitted by municipalities under
subrule 200.9(2).
