The bill outlines appropriations for Iowa's economic development for the fiscal year 2025-2026, targeting key state agencies such as the Economic Development Authority, Iowa Finance Authority, and the Department of Workforce Development. It aims to expand the state economy, increase wealth and population, and create a supportive environment for businesses and entrepreneurs. Significant funding allocations include $12,999,646 for the Economic Development Authority, $873,000 for a rent subsidy program, and $550,000 for a housing renewal pilot program. The bill emphasizes the recruitment and retention of businesses, infrastructure development, and mandates compliance with employment requirements for financial assistance provided to businesses.

Additionally, the bill amends existing legal language by reducing the annual allocation for community cultural grants from $520,000 to $448,403 and removes the repeal date for the housing renewal pilot program, allowing it to continue beyond July 1, 2025. It establishes reporting requirements for various entities to the General Assembly and includes a contingent appropriation from the Grow Iowa Values Fund for local food processing initiatives, pending further legislative action. Overall, the bill seeks to enhance Iowa's economic landscape through targeted funding and strategic initiatives while ensuring accountability and compliance in the use of allocated resources.

Statutes affected:
Introduced: 15.313, 99F.11, 505.7