La. Admin. Code tit. 19 § III-2505

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

Section III-2505 - Award Process

A. The secretary shall promulgate administrative rules for the program, in accordance with the Administrative Procedure Act and in consultation with the 8 enumerated REDO's and the Louisiana Chamber of Commerce Foundation.

B. Within thirty calendar days after adoption of program rules, the REDO's and the state, through LED, shall enter into an initial cooperative endeavor agreement ("CEA"), which will specify the objectives and intent of the REDO's, the amount of the award, the terms and conditions of the award and the compliance requirements to be confirmed by LED. REDO obligations shall be limited under the CEA to the following:

1. identifying high-priority sites for the purpose of attracting economic development projects;

2. developing high-priority sites for the purpose of attracting economic development projects;

3. developing and subsequently providing an annual report of all activities related to the objectives of the CEA undertaken in any previous year;

4. maintaining records and an accurate accounting of all expenditures;

5. adhering to state and federal non-discrimination laws;

6. adhering to the provisions of R.S. 39:1602.1;

7. applying a ten percent local match;

a. a REDO shall not expend any grant funds without simultaneously applying local matching funds equaling 10 percent of the cost being paid.

b. local matching funds cannot come from the LED provided Regional Awards and Matching Grant Program Tier 1 funds;

c. funds originating from any lawful source other than the state shall constitute local matching funds.

C. The initial CEA with each REDO shall have a term of two years, which shall automatically renew for successive one-year periods until such times as all initial funds provided for in the CEA have been expended, as verified and confirmed in writing by LED.

D. Funds may be disbursed by LED to REDO's after execution of a CEA on a cost reimbursement basis, or may be direct vendor pay by LED on behalf of REDO, after submission of all required compliance documentation to LED.

E. Each REDO shall receive a grant in the amount of up to one-eight of the funds appropriated;

1. An initial grant in the amount of up to $1million shall be allocated to each REDO, in accordance with a total program allocation of $8 million incorporated in Act 170 of the 2022 Regular Session of the Louisiana Legislature;

2. Thereafter, each REDO shall receive a subsequent grant in the amount of up to one-eighth of any annual funds specifically appropriated to LED for the Louisiana Competes Program.

La. Admin. Code tit. 19, § III-2505

Promulgated by the Department Economic Development, Office of Business Development, LR 491030 (6/1/2023).

AUTHORITY NOTE: Promulgated in accordance with R.S. 39:1481 et seq.