Section 261.36.5. Contract administration.

       36.5(1) Notice of approval. Successful applicants will be notified in writing of approval of a request for registration, including any conditions and terms of the approval.

       36.5(2) Contract required. The department shall prepare a contract, which includes, but is not limited to, a description of the project to be completed by the business; terms and conditions for receipt of tax credit benefits; the amount of the tax credit and the repayment requirements or other penalties imposed in the event the recipient does not fulfill its obligations described in the contract.

       36.5(3) Contract amendments. Projects approved under this program are limited to the descriptions and criteria stated on the application. Changes to a registered project must be reported in writing immediately to the Iowa film office along with a request for contract amendment. Upon review, the department will approve or deny the request for amendment. If the request is approved, a written contract amendment will be executed by the recipient and the department.

       36.5(4) Default. Failure to complete the registered project in compliance with the descriptions and terms established in the application shall constitute a default and result in loss of tax credit benefits.

[ARC 7956B, IAB 7/15/09, effective 7/1/09]