La. Admin. Code tit. 13 § III-2105

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

Section III-2105 - General Principles

A. The following general principles will direct the administration of the program.

1. Awards are not to be construed as an entitlement for companies, and the secretary has the sole discretion to determine whether or not each particular applicant is eligible and meet the criteria for the award, and in all such circumstances, the exercise of that discretion shall be deemed to be a final determination of the applicants' award status.

2. Award amounts may vary at the discretion of LED, with a minimum of $5,000 up to a maximum of $250,000 per applicant, per year.

3. LED shall negotiate with each applicant seeking an award based on the individual merits of each project.

4. Contracts for awards shall contain "clawback" (or refund) provisions to protect the state in the event of a default.

5. Award funds shall be used for the approved project only.

6. Awards may be administered by LED through OEID, or LED may use funds to contract with a third party administrator to undertake such activities.

7. Applications will be accepted on a year round basis, subject to availability of funding in any given year, or as otherwise determined by LED.

La. Admin. Code tit. 13, § III-2105

Promulgated by the Department of Economic Development, Office of Entertainment Industry Development, LR 461077 (8/1/2020).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6007.