Gov. Chet Culver has released the details of his proposed $750 million bonding plan, called I-JOBS.

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The plan, which he first laid out during his Condition of the State address, is a 3-year investment to “create jobs, strengthen the state’s economy, and rebuild several critical areas of the state’s infrastructure,” the governor said.

“There are currently hundreds of millions of dollars in unmet infrastructure needs in every part of the state. Addressing this issue is critical to rebuilding Iowa and our economy,” Culver said, adding: “There is no time to waste in rebuilding Iowa and, most importantly, creating jobs.”

It includes:

·        $250 million for transportation projects, especially road and bridge safety, including $200 million for roads and bridges and $50 million to other modes of transportation

·        $175 million to complete important projects already scheduled, such as improvements to the Iowa Veterans Home and our Community Colleges (This portion was approved by the Senate Wednesday night)

·        $150 million for public buildings, disaster relief, mitigation projects, housing and other flood-related infrastructure not covered by FEMA, CDBG or other sources

·        $100 million for water quality and waste water improvement projects

·        $75 million for local infrastructure, broadband technology, and alternative energy infrastructure

The bonds would be paid back with up to $56 million a year in gambling revenue.

An 11-member Iowa Jobs Board will be appointed to develop rules, review applications and make grant decisions.  Five members of the public will serve on the board in addition to the directors of the Iowa Finance Authority, the Department of Economic Development, the Department of Transportation, Iowa Workforce Development, the Rebuild Iowa Office and the Office of Energy Independence. The Iowa Finance Authority will provide staff and administrative support for I-JOBS.