La. Admin. Code tit. 13 § III-109

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

Section III-109 - Criteria for Projects

A. In addition to the general principles set forth in §105 and the eligibility requirements provided in §107 above, projects must meet the criteria hereinafter set forth for an award under this program.

1. Job Creation and/or Retention and Capital Investment

a. Projects must create or retain at least 10 permanent full-time jobs in Louisiana, at the project location.

b. Consideration will be given for projects having a significant new private capital investment.

c. The number of jobs to be retained and/or created and the compensation or payroll amounts or levels to be achieved and maintained as stated in the application for the award or as up-dated and finalized in the award agreement, will be strictly adhered to, and will be made an integral part of the award agreement.

2. Preference will be given to projects for industries identified by LED or LEDC as targeted industries, and to projects located in areas of the state with high unemployment levels.

3. Preference will be given to projects intended to provide, expand, or improve basic infrastructure supporting mixed use by the company and the surrounding community, and secondary consideration will be given to projects involving machinery and equipment purchases or rebuilding.

4. Companies must be in full compliance with all state and federal laws.

5. No assistance may be provided for Louisiana companies relocating their operations to another labor market area (as defined by the US Census Bureau) within Louisiana, except when the company gives sufficient evidence that it is otherwise likely to relocate outside of Louisiana, or the company is significantly expanding and increasing its number of employees and its capital investment in this state.

6. The minimum award request size shall be $50,000.

7. Extra consideration will be given for companies paying wages substantially above the prevailing regional wage.

8. If a company does not start the project or begin construction of the project, or make substantial progress toward preparation of architectural and engineering plans and specifications and/or permit applications, or execute purchase orders for machinery and equipment or orders for the rebuilding of machinery and equipment within six (6) months after its award approval by the LEDC Board, the LEDC Board of Directors, in its discretion, may extend the time period for the company's start of the project, reconsider and withdraw the award or funding for the project, and/or require reapplication. LED or LEDC may require copies of written, signed documentation demonstrating that the contemplated project has begun or has been started.

La. Admin. Code tit. 13, § III-109

Promulgated by the Department of Economic Development, Economic Development Corporation, LR 23:37 (January 1997), amended by the Department of Economic Development, Office of the Secretary, LR 23:1639 (December 1997), LR 25:238 (February 1999), LR 26:237 (February 2000), amended by the Department of Economic Development, Office of Business Development, Louisiana Economic Development Corporation, LR 29:862 (June 2003), LR 31:904 (April 2005), LR 35:873 (May 2009), amended by the Department of Economic Development, Office of the Secretary, Office of Business Development and the Louisiana Economic Development Corporation, LR 40:268 (February 2014).

AUTHORITY NOTE: Promulgated in accordance with R.S. 36:104, 36:108, 51:2302, 51:2312, and 51:2341, et seq.