§13070-O. Evaluation of economic development proposals
1. Criteria. An economic development proposal must:
A. Have a program name that accurately describes the nature of the program; [PL 1999, c. 768, §5 (NEW).]
B. Have specific stated objectives, such as the number of jobs to be created or retained, the wage levels and benefits associated with those jobs or a project with significant value to the State or a community within the State; [PL 1999, c. 768, §5 (NEW).]
C. Specify a method to measure whether the objectives of the program have been met; [PL 1999, c. 768, §5 (NEW).]
D. Require that a business that receives benefits under the program report on the use of the benefits received; [PL 1999, c. 768, §5 (NEW).]
E. Require that the appropriate joint standing committee of the Legislature review the program at specific and regular intervals; [PL 1999, c. 768, §5 (NEW).]
F. Provide incentives for a business to meet objectives of the program and, when incentives are provided in anticipation of contractual performance, penalties for a business that does not meet the objectives of the program; [PL 2007, c. 434, §4 (AMD).]
G. Provide a cost analysis of the program based on at least a 10-year period; [PL 2007, c. 434, §5 (AMD).]
H. Have a clearly defined public purpose; [PL 2007, c. 434, §6 (NEW).]
I. In addition to standard data, report performance data specific to its goals and objectives annually to the entity that is assigned to coordinate the State's portfolio of economic development programs; and [PL 2007, c. 434, §7 (NEW).]
J. Require that a business that receives benefits under the program have a business statement that includes the requirements of section 13070-J, subsection 2-A. [PL 2017, c. 264, §12 (AMD).]
[PL 2017, c. 264, §12 (AMD).]
2. Review of criteria. The department shall review each economic development proposal and any information relevant to the proposal and shall report to the joint standing committee of the Legislature having jurisdiction over the proposal on the extent to which the proposal meets the criteria specified in subsection 1.
[PL 1999, c. 768, §5 (NEW).]
SECTION HISTORY
PL 1999, c. 768, §5 (NEW). PL 2007, c. 434, §§4-8 (AMD). PL 2017, c. 264, §12 (AMD).
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.