Revitalize Iowa's Sound Econome (RISE)
The RISE fund was created by the Iowa legislature to assist in promoting economic development in Iowa through the construction or improvement of Iowa roads.
City or county governments as well as the Iowa Department of Transportation may apply for funding, initiate projects, and receive money. The applicant (city or county) involved must assure the dedication of the road to public use and ensure adequate future maintenance. Under this program, flexibility in project financing is given to project applicants and the Transportation Commission. It is up to the applicant to propose the terms of financing (e.g., grant, partial principal payback, deferred or otherwise, no interest loan, or below market interest rate loan) and the source of funds from which the payback will occur, whether public or private. Loan financing is an option applicants have – it is not required.
There are two types of funds available under RISE:
- A project that supports economic development on a local or regional scale
- A project where an immediate commitment of funding is required to influence the location decision of a firm or developer.
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