La. Admin. Code tit. 13 § I-4707

Current through Register Vol. 50, No. 11, November 20, 2024

Section I-4707 - Contract Approval

A. Contract. The secretary shall determine the terms and conditions of the contract, including the term, performance obligations, monitoring by the department, reporting by the business, auditing of contract performance and the consequences of any failure to perform such obligations.

B. Approval

1. The secretary may request approval of the contract by the board of commerce and industry upon determining that:

a. the business meets all eligibility requirements;

b. participation in the program is needed in a highly competitive site selection situation to encourage the business to locate the project in the state; and

c. securing the project will result in significant positive economic benefit to the state.

2. Following approval by the board of commerce and industry, the contract shall be executed by the secretary.

3. LED shall submit a copy of the executed contract to the assessor and the parish governing authority of the affected parish.

La. Admin. Code tit. 13, § I-4707

Promulgated by the Department of Economic Development, Office of Business Development, LR 39:1420 (June 2013).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:4351, et seq.