Current through Register Vol. XLI, No. 50, December 13, 2024
Section 145-6-4 - Council Review of Projects4.1. Preliminary Application. Prior to applying for or receiving any loan, loan guarantee, grant or other funding assistance for an infrastructure project from the Infrastructure Fund, the sponsor of an infrastructure project must submit a preliminary application on the Infrastructure Council's preliminary application form as required by Section 3.1 of Infrastructure Council's Emergency Rules or any subsequently approved Legislative Rule (Title 167, Series 1, § 167-1-3) .4.2. Preliminary Application Review. Upon receipt of a complete preliminary application for an infrastructure project requesting assistance from the Infrastructure Fund, the Development Office shall add the infrastructure project to the agenda for the Council's next meeting, if the application is received at least twenty (20) business days prior to the Council's meeting. Copies of each application shall be made available for Council members' review prior to the regularly scheduled meeting at which the infrastructure project will be considered.4.3. Preliminary Application Review. Following review of a complete preliminary application for an infrastructure project, the Council shall provide its written recommendation regarding approval and infrastructure project funding.4.4. Recommendation to Infrastructure Council. The Council shall make a written recommendation for each infrastructure project and, if it approves the infrastructure project, the amount or amounts, and the type and kind of financing from the infrastructure subaccount of the Infrastructure Fund.4.5. Priorities. The Council shall review and recommend infrastructure projects using the following criteria: 4.5.1. Priority consideration shall be given to infrastructure projects that result in immediate job creation;4.5.2. Infrastructure projects that do not immediately create jobs but provide the opportunity for economic growth and job creation, i.e., shell buildings, business and industrial parks;4.5.3. Infrastructure projects that are likely to foster and enhance economic growth and development.