Economic Growth – Week of March 31, 2011

STAFF CONTACT:  Sue Foecke

HF 590 – Iowa Partnership for Economic Progress

COMMITTEE ACTION:

HF 590 relates to economic development by reorganizing the executive branch agency created to administer economic development programs. Currently, Iowa’s economic development programs are administered by the Iowa Department of Economic Development, which is subject to oversight by the Economic Development Board. The Department and the current Board are eliminated and replaced with the Partnership Economic Progress (an advisory board), Economic Development Authority (consists of a board separate from the Partnership and a director) and the Economic Development Corporation (nonprofit corporation with a separate board and a chief executive officer). In addition to the reorganization, the bill gives the Director of the Economic Development Authority purview over three bonding programs currently administered by the Iowa Finance Authority and transfers the Office of Energy Independence to the Economic Development Authority. [3/30: short form (Chelgren, Danielson, Horn “no”, Hatch “present”)]