Signed by Governor Terry Branstad

Vote Smart's Synopsis:

Vote to pass a bill that establishes the Iowa Partnership for Economic Progress and the Economic Development Authority as a collaboration between government and the private sector.

Highlights:

• Specifies that the Partnership for Economic Progress shall consist of 7 members appointed by the Governor and subject to confirmation by the Senate, and shall have powers and responsibilities including, but not limited to, the following (Secs. 5 & 6):
• Developing a strategic vision for economic development in Iowa, to be submitted to the General Assembly and the Economic Development Authority; and
• Setting annual numerical goals for the Authority pertaining to the creation of jobs in the state.

• Specifies that the Economic Development Authority shall consist of 9 voting members, and shall have powers and responsibilities including, but not limited to, the following (Secs. 7 & 9):
• Make and execute agreements and contracts with public or private entities including, but not limited to, contracts for goods and services;
• Procure insurance against any loss in connection with its operations and property interests;
• Accept appropriations, gifts, loans, grants, or other aid from public or private entities; and
• Exercise all powers typically exercised by private enterprises engaged in business pursuits.

• Prohibits the director of the Authority from having any interest in any bank or financial institution in which the funds of the Authority are deposited, or from receiving any money from any other corporation or business unit (Sec. 8).

• Requires the Economic Development Authority to establish and maintain the Economic Development Corporation as a nonprofit corporation separate from the state with the purpose of receiving and disbursing private and public funds to be used to further the development and economic well-being of the state (Sec. 14).

• Prohibits the Economic Development Corporation from receiving appropriations from the General Assembly or exercising any sovereign power of the state (Sec. 14).

• Specifies that the Economic Development Corporation shall be governed by a board of 7 directors, and that the Corporation has powers and responsibilities including, but not limited to, the following (Sec. 15):
• Act as an innovation intermediary by aligning local technologies, assets, and resources to work together;
• Perform functions delegated by the Authority;
• Encourage, stimulate, and support the development and expansion of the state's economy;
• Develop and implement marketing and promotional programs;
• Provide pertinent information for new businesses; and
• Solicit the involvement of the private sector, including support and funding.

Full Bill Text