Iowa Administrative Code Agency 261 - Economic Development Authority
📌 Iowa Administrative Code – Agency 261: Economic Development Authority (IEDA)
Agency 261 governs the Iowa Economic Development Authority (IEDA), the state agency responsible for promoting economic growth, job creation, and investment in Iowa.
The Authority administers programs that provide financial assistance, tax incentives, and strategic support to businesses, communities, and other stakeholders to foster a strong, competitive economy.
🔑 Major Areas Covered in IAC 261
1. Agency Organization & Authority
Defines the structure, membership, and duties of the Economic Development Authority.
Establishes procedures for rulemaking, funding decisions, and program oversight.
Outlines roles of the executive director, board members, and staff.
2. Business Incentives & Assistance Programs
Rules for programs that provide financial support or incentives to Iowa businesses, including:
Tax credits
Loans and grants
Investment assistance
Eligibility criteria for businesses and projects.
Guidelines for application, review, and approval.
3. Community & Regional Development
Programs aimed at local infrastructure, urban renewal, and community revitalization.
Guidelines for municipal, county, or regional governments applying for funding.
Criteria for evaluating economic impact and sustainability of projects.
4. Job Creation & Workforce Development
Incentives linked to job creation and retention.
Programs supporting workforce training and skill development.
Reporting requirements for businesses receiving support to demonstrate employment outcomes.
5. Financial Management & Compliance
Procedures for managing funds, disbursing loans/grants, and tracking repayment.
Rules to ensure accountability, audits, and proper use of public funds.
6. Application, Review & Approval Process
Submission requirements for all programs: project proposals, budgets, and timelines.
Evaluation criteria: economic impact, feasibility, alignment with state priorities.
Board review procedures and final approval process.
7. Monitoring & Reporting
Requirements for recipients of IEDA funding to report on progress, outcomes, and compliance.
Monitoring procedures to verify that project goals are met.
Remedies if a project fails to comply with rules or meet objectives.
8. Public Accountability & Transparency
Rules for public access to information, notices of funding programs, and reporting outcomes.
Recordkeeping and disclosure requirements to ensure transparency in decision-making.
🎯 Purpose of IAC 261
The main goals of these rules are to:
Promote economic growth and job creation across Iowa.
Ensure responsible, transparent management of public funds.
Support communities and businesses in building a competitive economy.
Provide clear eligibility, evaluation, and reporting processes for all IEDA programs.
✅ In short:
Iowa Administrative Code, Agency 261 governs the Iowa Economic Development Authority, covering its organization, business and community development programs, funding processes, compliance, monitoring, and transparency. Its mission is to stimulate economic growth, create jobs, and ensure efficient use of public resources.
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