Okla. Admin. Code § 150:140-1-3

Current through Vol. 42, No. 7, December 16, 2024

Section 150:140-1-3 - Application process

(a) For the purpose of evaluating the applications, the Department will require all applicants interested in the Oklahoma Quick Action Closing Fund to submit an application in a form prescribed by departmental guidelines as provided in the application packet. All applications will be required to contain sufficient information to permit the Department to comprehensively review the project proposal and determine if the project will result in a net economic benefit to the State of Oklahoma. The application for the Quick Action Closing Fund will be based upon the statutory mandates set forth in 62 O.S. § 48.2 and to provide the information required in 150:140-1-4.

(1) The Department will make available upon request application forms and application guidelines.

(2) The forms and guidelines will provide information that will assist applicants in their application preparation.

(3) The guidelines and forms set forth shall apply to all applications and awards made in the program year corresponding with the application and application guidelines packet.

(b)In order to qualify for any funds from the Oklahoma Quick Action Closing Fund, the establishment making application shall be engaged in a business activity described by a North American Industry Classification System (NAICS) Code used to define eligibility for incentive payments from the Oklahoma Quality Jobs Program Act as defined in Section 3603 of Title 68 of the Oklahoma Statutes or a business activity described by Section 3603 of Title 68 of the Oklahoma Statutes or be engaged in a "basic industry" used to define eligibility for incentive payments from the 21st Century Quality Jobs Incentive Act as prescribed by Section 3913 of Title 68 of the Oklahoma Statutes or a high impact production company which has been approved for a rebate pursuant to the provisions of Section 3624 of Title 68 of the Oklahoma Statutes. [62 O.S. § 48.2(C)]

(c) Applications other than those from high impact production companies which have been approved for a rebate shall include a full and complete description of the project which includes the following:

(1) The number of jobs to be created if the project is a new or existing company;

(2) The number of jobs to be retained if the project is an existing company;

(3) The average salary of jobs to be created or retained by the company;

(4) The latest audited financial statements of the company including the credit rating of the company if it has issued publicly held debt;

(5) The total capital investment to be made by the company;

(A) Sources of the capital investment; and

(B) If the investment is secured or if applications/solicitations are pending.

(6) The relative likelihood of other business enterprises locating within the same vicinity or within the state as a result of the company's location or expansion as a result of payments from the Oklahoma Quick Action Closing Fund;

(7) The relative impact on the economy of the area or community in which the company is or will be conducted;

(8) The location of the project;

(9) Any needed infrastructure improvements at the project site for the project to go forward;

(10) All investment, both in kind and monetary, from local governmental units in support of the project;

(11) The history of the company including date and location of establishment, and significant accomplishments of the company; and

(12) North American Industries Classification System ("NAICS") code for qualifying business activity;

(13) Any other information deemed relevant by the Department.

(d) An application for payment of a rebate to a high impact production pursuant to the Oklahoma Film Enhancement Program shall include:

(1) Proof that the production has been designated as a high impact production as defined in 68 O.S. §3623;

(2) Proof that the production has been approved or otherwise prequalified for a rebate pursuant to the Oklahoma Film Enhancement Rebate Program detailed in 68 O.S. §3624;

(3) Any other information deemed relevant by the Department.

Okla. Admin. Code § 150:140-1-3

Added at 30 Ok Reg 101, eff 11-1-12 (emergency); Added at 30 Ok Reg 481, eff 5-25-13

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 9/11/2020