1. The economic development authority is created, and constituted a public instrumentality and agency of the state exercising public and essential governmental functions, to undertake programs which implement economic development policy in the state, and to undertake certain finance programs.

 a. (1) The powers of the authority are vested in and shall be exercised by a board of eleven voting members appointed by the governor subject to confirmation by the senate. The voting members shall be comprised of the following:

 (a) Two members from each United States congressional district established under section 40.1 in the state.
 (b) Three members selected at large.
 (2) Of the voting members appointed pursuant to subparagraph (1), the governor shall appoint the following:

 (a) One person who is a member of the Iowa innovation council established in section 15.117A.
 (b) One person who has professional experience in finance, insurance, or investment banking.
 (c) One person who has professional experience in advanced manufacturing.
 (d) One person with professional experience in small business development.
 (e) One person with professional experience representing the interests of organized labor.
 (f) Six persons who are actively employed in the private, for-profit sector of the economy or who otherwise have substantial expertise in economic development.
 (3) The governor shall not appoint to the authority board any person who is either the spouse or a relative within the first degree of consanguinity of a serving member of the authority board or the board of directors of the corporation.
 b. There shall be four ex officio, nonvoting legislative members consisting of the following:

 (1) Two state senators, one appointed by the president of the senate after consultation with the majority leader of the senate and one appointed by the minority leader of the senate from their respective parties.
 (2) Two state representatives, one appointed by the speaker and one appointed by the minority leader of the house of representatives from their respective parties.
 c. (1) There shall be three ex officio, nonvoting members consisting of the following:

 (a) The president of the state board of regents, or the president’s designee.
 (b) One person, selected by the Iowa association of independent colleges and universities, who is the president of a private college or university in the state, or that person’s designee.
 (c) One person, selected by the Iowa association of community college presidents, who is the president of a community college, or that person’s designee.
 (2) A person serving as a designee pursuant to subparagraph (1) shall serve a one-year term as an ex officio member of the authority board.
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Terms Used In Iowa Code 15.105

  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: means a bioscience development corporation created pursuant to section 15. See Iowa Code 15.102
  • Director: means the director of the authority, appointed pursuant to section 15. See Iowa Code 15.102
  • Ex officio: Literally, by virtue of one's office.
  • 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
  • Majority leader: see Floor Leaders
  • Minority leader: See Floor Leaders
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
  • property: includes personal and real property. See Iowa Code 4.1
  • Quorum: The number of legislators that must be present to do business.
  • Small business: means any enterprise which is located in this state, which is operated for profit and under a single management, and which has either fewer than twenty employees or an annual gross income of less than four million dollars computed as the average of the three preceding fiscal years. See Iowa Code 15.102
  • 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
  • United States: includes all the states. See Iowa Code 4.1
  • year: means twelve consecutive months. See Iowa Code 4.1
 2. Members of the authority shall be appointed for staggered terms of four years beginning and ending as provided in section 69.19. A person appointed to fill a vacancy shall serve only for the unexpired portion of the term. A member is eligible for reappointment. A member of the authority may be removed from office by the governor for misfeasance, malfeasance, or willful neglect of duty or other just cause, after notice and hearing, unless the notice and hearing is expressly waived in writing. Members of the authority board shall not serve as directors of the corporation.
 3. a. Seven voting members of the authority constitute a quorum.

 b. The affirmative vote of a majority of the quorum described in paragraph “a” is necessary for any action taken by the authority. The majority shall not include any member who has a conflict of interest and a statement by a member of a conflict of interest shall be conclusive for this purpose.
 c. A vacancy in the membership does not impair the right of a quorum to exercise all rights and perform all duties of the authority.
 4. Members of the authority are entitled to receive a per diem as specified in section 7E.6 for each day spent in performance of duties as members, and shall be reimbursed for all actual and necessary expenses incurred in the performance of duties as members.
 5. Members of the authority and the director shall give bond as required for public officers in chapter 64.
 6. Meetings of the authority shall be held at the call of the chairperson or when two members so request.
 7. Members shall elect a chairperson and vice chairperson annually, and other officers as they determine, but the director shall serve as secretary to the authority.
 8. a. The members of the authority shall develop a strategic plan for economic development in the state.

 b. (1) The strategic plan shall identify the authority’s goals for the next calendar year and shall include a set of metrics that will be used to gauge and assess the extent to which the authority achieves those goals. Such metrics shall include, but are not limited to:

 (a) The number of net new jobs created in the state.
 (b) The average wage and benefit levels for such jobs.
 (c) The impact to average household income for Iowa families as a result of the jobs created.
 (d) Such other information as the authority or the director deems relevant.
 (2) The strategic plan shall be submitted to the general assembly and the governor’s office on or before January 31 of each year.
 9. The net earnings of the authority, beyond that necessary to implement the public purposes and programs herein authorized, shall not inure to the benefit of any person other than the state. Upon termination of the existence of the authority, title to all property owned by the authority, including any such net earnings of the authority, shall vest in the state. The state reserves the right at any time to alter, amend, repeal, or otherwise change the structure, organization, programs, or activities of the authority, including the power to terminate the authority, except that no law shall impair the obligation of any contract or contracts entered into by the authority to the extent that any such law would contravene Article I, section 21, of the Constitution of the State of Iowa, or Article I, Section 10, of the Constitution of the United States.
 10. Members of the authority, or persons acting on behalf of the authority while acting within the scope of their agency or employment, are not subject to personal liability resulting from carrying out the powers and duties in this chapter.
 11. The authority shall be the successor entity to the economic development board and the department of economic development which are hereby eliminated. The authority shall assume all duties and responsibilities previously assigned to the economic development board and the department of economic development to the extent that such duties and responsibilities are not otherwise assigned by the provisions of this subchapter.
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