SSB 3050 – Changes to Iowa Economic Development Authority’s Programs
COMMITTEE ACTION:
SSB 3050 makes minor changes to the Life Cycle Cost Analysis for Public Facilities. The requirement for life cycle cost analysis was established more than 30 years ago to ensure that public agencies optimize energy efficiency when constructing or renovating public buildings. The State Building Code Commissioner currently reviews the life cycle cost analysis.
The bill:
- Places authority for further defining the evaluation methodology with the State Building Code Commissioner instead of the Iowa Economic Development Authority (IEDA).
- Creates a new definition of “addition” and amends some existing definitions.
- Makes technical changes related to the definition of a “new investment” under the High Quality Jobs Programs.
- Makes changes to IEDA’s Business Outreach Program to assist business with applications to the Federal Small Business Innovation Research and Small Business Technology Transfer Program.
- Allows the IEDA to provide financial assistance of up to $100,000 to any single business. Currently, the maximum is $25,000 and may be provided as matching funds for the business to qualify for one of the federal programs.
- Allows a city or county and IEDA — for compliance reasons — to amend Enterprise Zone agreements as long as the changes do not increase the incentives awarded.
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