La. Admin. Code tit. 13 § I-5113

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

Section I-5113 - LED Action-Grant Approval or Denial Provisions

A. In the event LED determines that an applicant is eligible, funding is available and a grant would be appropriate, a grant letter will be issued, specifying the amount, the terms and conditions of the grant.

B. Each grant awarded shall be divided into three equal amounts and disbursed over a period of three consecutive years as follows:

1. year one funding may be awarded based upon the application information provided but will not be disbursed until documentation has been provided that the applicant business has relocated to Louisiana. If the selected applicant fails to relocate or to provide evidence of such, the grant shall be forfeited, and the money shall be disbursed to another applicant;

2. year two funding shall be awarded contingent upon evidence of continued business operation;

3. year three funding shall be awarded contingent upon evidence of continued business operation;

4. if an applicant fails to continue business operations in the state in any given year, it may retain funding already disbursed, but the department reserves the right to withhold previously reserved, but not yet disbursed funding.

C. In the event LED determines that an applicant is not selected for an award, a denial letter will be issued by the secretary, specifying the basis for denial.

La. Admin. Code tit. 13, § I-5113

Promulgated by the Department of Economic Development, Office of the Secretary, LR 491033 (6/1/2023).

AUTHORITY NOTE: Promulgated in accordance with R.S. 36:104 and 51:2402.