La. Admin. Code tit. 13 § V-209

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

Section V-209 - Criteria

A. These rules seek to maximize both the economic development from a particular award pursuant to this program and to more efficiently utilize taxpayer money in pursuing the goals of economic development.

B. Among the factors that may be taken into account in the review of award requests are the following:

1. actual local governmental commitment to the project (including the sharing of responsibility for the company's compliance with the terms and conditions of the award);

2. availability of other federal, state, local or private funding programs for the project;

3. jobs created, jobs retained, compensation or payroll levels, company investment prior to the request for the project, and company commitment to match funds that will equal or exceed the amount of the award grant, loan or loan guaranty;

4. company membership in and utilization of cooperative organizations for industry best practices and improvement;

5. evaluation of overall industry performance in the context of the goals of Louisiana: Vision 2020;

6. compelling evidence that the award, if approved, will retain and/or create jobs; that the award, when committed and implemented, needs immediate funding; and the immediate funding is the final necessary commitment to secure the project;

7. the period of time that the company will commit to maintain its new and/or retained jobs and their compensation or payroll levels; and

8. the terms of the "clawback" (or refund) provisions, in the event of a default.

C. Representation as to the applicant's need for the funds, as well as the ability to put the funds to use after the award is granted will also be an important consideration in the grading of a particular application. Entry into a contractual agreement and the use of the funds within a specified period after the award is granted will be a factor in the secretary's or the department's recommendations to the governor as to the terms and conditions for the award.

D. The department will pursue a policy of negotiation of the award with the award applicant in order to assure that only necessary funds that are supported by evidence of need, availability and use, as well as commitment to, and likely success of the project, will arise from the final approval of the project in accordance with secretary and/or departmental recommendations upon which the award is conditioned and administered by the department.

La. Admin. Code tit. 13, § V-209

Promulgated by the Department of Economic Development, Office of the Secretary, LR 31:421 (February 2005), amended LR 35:889 (May 2009).

AUTHORITY NOTE: Promulgated in accordance with R.S. 36:104 and 36:108.