Iowa Code Title I. State Sovereignty and Management [Chs. 1-38D] § 15.511. Financial assistance for certain eligible businesses

1. The authority may provide financial assistance to an eligible business pursuant to section 15.111, subsection 2, paragraph “a”, subparagraph (8), if the authority and the board find such assistance necessary to facilitate the project's successful completion, that the project has an extensive economic impact, or that financial assistance will incentivize an eligible business to choose an Iowa location, rather than an out-of-state location, for the project.

2. Each eligible business receiving assistance under this section shall enter into an agreement with the authority and the agreement shall meet the requirements of section 15.506.  The agreement shall specify the circumstances under which the financial assistance must be repaid to the authority.

3. If the authority and the board determine financial assistance should be awarded, the authority and the board shall determine the appropriate amount and type of assistance for facilitating the eligible business's project.

4. For purposes of this section, “financial assistance” means assistance provided exclusively from the funds, rights, and assets legally available to the authority pursuant to this chapter and includes but is not limited to assistance in the form of grants, loans, forgivable loans, and royalty payments.