About the 2007 ANNUAL Report
Reporting on Progress as of June 30, 2007
The Department is committed to transparent, accountable administration of its direct financial assistance and tax credit programs. This Report was
prepared with the goal of providing information in a clear, consistent, and easily understandable format.
Measuring progress, not contract compliance
A primary purpose of this Annual Report is to share with the legislature, the Governor, and the public the progress as of June 30, 2007 of
projects funded through the State’s job creation programs and funding sources.
The job creation, wages and investment amounts reported annually by businesses are not used by the Department to determine final contract
compliance. The Annual Reports submitted during the contract period are progress reports that are used to gauge how the funded projects are progressing
in reaching the contracted numbers. The reports are also used as a guide for the Legal and Compliance staff to determine if follow-up may be needed
to provide technical assistance to a business. Contract compliance will be measured at two points: the Project Completion Date and if applicable, the
End of the Maintenance Period.
Direct financial assistance – state programs
When a business receives a “direct financial assistance” it means that the award is in the form of a loan, forgivable loan, grant or royalty agreement.
This Annual Report includes awards from these programs:
- Community Economic Betterment Account (CEBA) Program
- Value-Added Agricultural Products and Processes Financial Assistance Program (VAAPFAP)
- Physical Infrastructure Assistance Program (PIAP)
- Entrepreneurial Ventures Assistance (EVA) Assistance Program (awards funded with IVF)
- Loan and Credit Guarantee (LCG) Program
- Renewable Fuel Infrastructure Programs
Direct financial assistance - state funding sources
The Department has three main sources from which it can make a direct financial assistance award. This Annual Report includes awards from
these funding sources:
- Grow Iowa Values Fund, 2003: Referred to as “IVF(FES)” in this Report. It means the 1st Grow Iowa Values Fund established in 2003 and
funded with Federal Economic Stimulus (FES) monies. Direct awards were made from this source. The Grow Iowa Values Board also
allocated a portion of the fund to some of the direct financial assistance programs listed above.
- Grow Iowa Values Fund, 2005: Referred to as “IVF(2005)” in this Report. It means the 2nd Grow Iowa Values Fund established in 2005 and funded with a $50M appropriation from the general fund.
- “Old money” refers to direct financial programs that received funding through annual appropriations from the State legislature.
State tax credit programs
When a business receives a “tax credit award” it means that the business is authorized to claim certain specific tax credit benefits (e.g., sales
and use tax refund, investment tax credit, research activities credit). The credits offset income tax liability and a refund returns taxes paid that are
associated with a funded Project. This Annual Report includes awards from these tax credit programs:
- High Quality Job Creation (HQJC) Program
- Enterprise Zone (EZ) Program
- New Jobs and Income Program (NJIP) * this program was repealed 7/1/05 but there are still open contracts that the Department is managing.
- New Capital Investment Program (NCIP) * this program was repealed 7/1/05 but there are still open contracts that the Department is
managing.
Federal job creation program
One federally funded job creation is included in this Annual Report because it is often times part of a Project that is also receiving a State financial
assistance or tax credit award. Under this program a grant is awarded to a City or County on behalf of a business. This Annual Report includes
awards from this federal program:
- Economic Development Set-Aside (EDSA) Program
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