Iowa Code 15.371 – Manufacturing 4.0 technology investment program
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1. This section shall be known as and may be cited as the “Manufacturing 4.0 Technology Investment Program”.
Terms Used In Iowa Code 15.371
- Applicant: means a person authorized to regularly lend moneys to be secured by a mortgage on real property in this state, a licensed real estate broker, a licensed attorney, a participating abstractor, or a licensed closing agent. See Iowa Code 16.92
- Authority: means the economic development authority created in section 15. See Iowa Code 15.102
- Board: means the members of the authority appointed by the governor and in whom the powers of the authority are vested pursuant to section 15. See Iowa Code 15.102
- Financial assistance: means assistance provided only from the funds, rights, and assets legally available to the authority and includes but is not limited to assistance in the form of grants, loans, forgivable loans, and royalty payments. See Iowa Code 15.102
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Rule: includes "regulation". See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
2. For purposes of this section unless the context otherwise requires:
a. “Financial assistance” means the same as defined in section 15.102.
b. “Manufacturing 4.0 technology investments” means projects that are intended to lead to the adoption of, and integration of, smart technologies into existing manufacturing operations located in the state by mitigating the risk to the manufacturer of significant technology investments. Projects may include investments in specialized hardware, software, or other equipment intended to assist a manufacturer in increasing the manufacturer’s productivity, efficiency, and competitiveness.
3. a. A manufacturing 4.0 technology investment fund is created within the state treasury under the control of the authority for the purpose of financing manufacturing 4.0 technology investments as described in this section.
b. The fund may be administered as a revolving fund and may consist of any moneys appropriated by the general assembly for purposes of this section and any other moneys that are lawfully available to the authority. Any moneys appropriated to the fund shall be used for purposes of the manufacturing 4.0 technology investment program. The authority may use all other moneys in the fund, including interest, earnings, and recaptures, for purposes of this section.
c. Notwithstanding section 8.33, moneys appropriated in this section that remain unencumbered or unobligated at the close of the fiscal year shall not revert but shall remain available for expenditure for the purposes designated until the close of the succeeding fiscal year.
d. Notwithstanding any law to the contrary, the authority may transfer any unobligated and unencumbered moneys in the fund, except for moneys appropriated for purposes of this section, to any fund created pursuant to section 15.106A, subsection 1, paragraph “o”.
4. The authority shall establish and administer a manufacturing 4.0 technology investment program and shall use moneys in the fund to award financial assistance to eligible manufacturers for manufacturing 4.0 technology investments.
5. To be eligible for a financial assistance award under the manufacturing 4.0 technology investment program, a manufacturer must do all of the following:
a. Manufacture goods at a facility located in this state.
b. Have a North American industry classification system number within the manufacturing sector range of 31-33.
c. Have been an established business for a minimum of three years prior to the date of application to the program.
d. Derive a minimum of fifty-one percent of the manufacturer’s gross revenue from the sale of manufactured goods.
e. Employ a minimum of three full-time employees and no more than seventy-five full-time employees across all of the manufacturer’s locations.
f. Have an assessment of the manufacturer’s proposed manufacturing 4.0 technology investment completed by the center for industrial research and service at Iowa state university of science and technology.
g. Demonstrate the ability to provide matching financial support for the manufacturer’s manufacturing 4.0 technology investment on a one-to-one basis. The matching financial support must be obtained from private sources.
6. Eligible manufacturers shall submit applications to the manufacturing 4.0 technology investment program in the manner prescribed by the authority by rule.
7. a. The authority may accept applications during one or more application periods each fiscal year as determined by the authority. All completed applications shall be reviewed and scored on a competitive basis pursuant to rules adopted by the authority. The authority may engage an outside technical review panel to complete technical reviews of applications. The board shall review the recommendations of the authority and of the technical review panel, if applicable, and shall approve, defer, or deny each application.
b. In making recommendations to the board, the authority and the technical review panel, if applicable, shall consider all of the following:
(1) The completeness of the manufacturer’s application.
(2) Whether the board should approve or deny an application.
(3) If the board approves an application, the type and amount of financial assistance that should be awarded to the applicant.
(4) The percentage of the manufacturer’s gross revenue that is derived from the sale of manufactured goods pursuant to subsection 5, paragraph “d”.
(5) Whether the manufacturer’s proposed manufacturing 4.0 technology investment is consistent with the assessment completed by the center for industrial research and service at Iowa state university of science and technology pursuant to subsection 5, paragraph “f”.
c. The board shall not approve an application for financial assistance for a manufacturing 4.0 technology investment that was made prior to the date of the application.
8. From moneys appropriated to the manufacturing 4.0 technology investment fund from the general fund of the state and any other state moneys lawfully available to the authority for the manufacturing 4.0 technology investment program, the maximum amount of financial assistance awarded from such moneys to an eligible manufacturer shall not exceed seventy-five thousand dollars.
9. The authority shall adopt rules pursuant to chapter 17A necessary to implement and administer this section.