I-JOBS Board pledges speedy action

DES MOINES – Disaster-impacted communities could begin receiving rebuilding proceeds from the state's $830 million bonding initiative as early as next month, members of a new oversight board were told Wednesday.

The newly formed I-JOBS Board pledged an expedited effort to distribute about $165 million in bond proceeds that are under its jurisdiction – with authorization of up to $45 million of legislatively designated disaster aid to Cedar Rapids and Linn County possibly getting preliminary approval late this month.

“This is going to be about speed,” said board vice chair Pat Baird of Cedar Rapids. “I think this is exciting. We're actually going to get things started this summer.”

State Treasurer Michael Fitzgerald told the 11-member panel he expects to have cash in hand from an initial $600 million-plus bond issue by July 23. Another $105 million will be borrowed next year and a $115 million Board of Regents bond issue will be handled separately.

“These bonds are as good as gold,” Fitzgerald said. “They will be paid off and paid off on time.”

Of the overall amount, the I-JOBS Board will allocate $118.5 million on a competitive basis and $46.5 million via noncompetitive flood-recovery grants earmarked as $15 million for Linn County, $30 million for the library, public works building, Paramount Theater and the National Czech & Slovak Museum in Cedar Rapids, and $500,000 each for fire stations in Palo, Elkader and Charles City.

Board legal counsel Mark Thompson said initial approval of noncompetitive grants could come as early as a board meeting tentatively slated in Cedar Rapids for June 29. Applications for competitive grants of up to a $50 million maximum per recipient should be available by July 1 and due back by Aug. 3 so a review committee can make recommendations Aug. 14 for full board action by Aug. 31.

Other components of the overall $830 million I-JOBS program will be handled by other state boards or agencies with $115 million going to transportation, $300 million for “vertical infrastructure” projects, $35 million for housing, $55 million for sewer/water projects, $25 million for broadband grants, $10 million for alternative energy, $115 million mostly for flood-recovery at the University of Iowa and the rest for disaster rebuilding and prevention efforts.

“In reality, we're talking about a multibillion-dollar initiative,” Gov. Chet Culver told the board via a telephone hookup from Quebec City, Canada, where he was attending a North American conference. The governor said the state investment will leverage large federal and private investments that will spur jobs and “rev up” Iowa's recession-hit economy.

Culver said he hoped all 99 Iowa counties will benefit from the I-JOBS program.

The board members agreed to hold regional meetings around Iowa from June 15-28 to explain the application process and view potential projects that could receive board consideration.

 “I would say in the next few months this is probably a little bit more than I expected,” said board member Toi Sullivan of Sioux City. “It's all new to me. This is the first time I've ever been involved in any governmental board. It will be interesting.”