Eligibility: The Authority is making financial assistance available to qualified recipients for their regional economic development marketing plans, consistent with the restrictions and requirements of 261 Iowa Administrative Code Chapter 31. For purposes of this application, the only eligible applicants are regions recognized through the Iowa Economic Development Authority regional marketing program. “Economic development region” shall consist of three or more contigious counties or two or more contigious counties and one or more public or private non-profit entities that have entered into an agreement to provide mutual economic development goals with a regional focus.
Funds will be provided as a proportion of match. Bidders may include up to 15% of in-kind donation as match. In-kind donations are those non-cash outlays dedicated to the project and may include, without limitation, materials and supplies.
Each project is eligible for up to a maximum of $50,000 in financial assistance under this RFP.
The following projects may be eligible for financial assistance under this Program:
Physical infrastructure. The installation of physical infrastructure needs including, but not limited to, horizontal infrastructure, water and sewer infrastructure, and telecommunications infrastructure, related to the development of fully served business and industrial sites by one or more of the region’s economic development partners or for the installation of infrastructure related to a new business location or expansion. Match required for physical infrastructure projects is one dollar of local funds for every two dollars received from the Authority. The economic development region must demonstrate all of the following:
- The ability to provide matching moneys on a basis of dollars received from the fund.
- The commitment of the specific business partner including, but not limited to, a letter of intent defining a capital commitment or a percentage of equity.
- That all other funding alternatives have been exhausted.
Entrepreneurial initiative. Funds are available for the establishment of an approved entrepreneurial initiative. Match required for these types of projects is one dollar of local funds for every two dollars received from the Authority.
Business closure due to consolidation. An existing business threatened with closure due to a potential consolidation to an out–of–state location. The economic development region may apply for financial assistance for the purchase, rehabilitation, or marketing of a building or site that has become available due to the closing of an existing business as a result of a consolidation to an out–of–state location. Match required for these types of projects is one dollar of local funds for every three dollars received from the Authority.
Business succession assistance program. Such a program may include assistance with ESOP formation as a business succession plan. Match required for these types of projects is one dollar of local funds for every two dollars received from the Authority.
Unique or regional projects. Match required for these types of projects is one dollar of local funds for every dollar received from the Authority.
Marketing of the region. Region may market the regional assets for the purpose of economic development, business attraction and recruitment, workforce attraction and recruitment and development of STEM initiatives. This may include marketing strategies and tactics such as website and electronic marketing; social media; and targeted trade show marketing opportunities. The region may also apply for financial assistance for Synchronist sublicenses for the region would also be allowable under this category. Match required for these types of projects is one dollar of local funds for every two dollars received from the Authority.
2.3 Reporting. Any bidders who are awarded under this RFP shall be required to provide an close-out report to the Authority outlining how funds were invested using the reporting format provided by the Authority.
2.4 Compliance with laws. All bidders awarded under this RFP shall be required to comply with all federal, state and local laws, rules and ordinances as a condition of receiving funds.
Evaluation: The Authority will use an evaluation committee to review and evaluate the applications. The evaluation committee will make a recommendation to the Iowa Economic Development Authority Director, who may approve the recommendation. The Director is not bound by the evaluation committee’s recommendation, and either the Board or the Authority may opt not to award a contract to any applicant.
The following criteria shall be used to evaluate the Proposals:
Quality of the Regional Plan (40 points). Applicant demonstrates thorough understanding of current economic and social situation of the geographic area represented by the proposal including marketable assets, regional character, and appropriateness of the application to the regional marketing plan. The project must document past successes. The Authority may award higher points to those applications involving the marketing of industrial sites, existing industry or workforce strategies.
Use of Funds (40 points). Summary provided of project costs and proposed financing. Confirmed and committed funding sources are documented including letters of financial commitment and proof of secured funds. The Authority will award additional points to those groups having more private funding in place.
Impact (20 points). Impact the project will have on the region.