Compilation of Rules and Regulations of the State of Georgia
Department 413 - GRANTS OF THE ONEGEORGIA AUTHORITY
Chapter 413-1 - EQUITY FUND
Rule 413-1-.05 - Eligible Activities
Current through Rules and Regulations filed through September 23, 2024
(1) Eligible uses of funds provided under the Equity Fund include those activities and the provision of facilities and services as described in O.C.G.A. 50-34-1et seq. Such activities include, but are not limited to, the provision of such public infrastructure, services, facilities and improvements as: rail access, road improvements, water and sewer improvements, technology infrastructure, drainage improvements, other public utilities, public facilities and services specifically designed to increase economic opportunities through job training, workforce development, education, workforce housing, and other employment support services, the acquisition, clearance and disposition of real property, site preparation, site improvements, real property rehabilitation, and the provision of planning services and technical assistance.
(2) In addition, the Equity Fund may provide assistance to eligible applicants to finance facilities, projects and project costs for use by businesses and enterprises, purchase or lease of equipment or other assets or any other community or economic development and business assistance activity or purpose identified in O.C.G.A. 50-34-1et seq. It is important to note that the proposed use of Equity Fund monies will dictate whether the funds can be provided to the applicant to undertake an activity, or whether they will be provided to the applicant but require a loan, lease or other agreement between the applicant and participating business or enterprise.
(3) In general, public acquisition or improvements of public facilities and infrastructure can be undertaken directly by the applicant with Equity Fund monies. Where Equity Fund monies are expended for the public acquisition and/or improvements of privately used land, buildings, machinery and equipment, or other private assets, the financed assets must generally be owned or controlled by the applicant and leased, subleased or sold to the business or enterprise in accordance with O.C.G.A. 36-62-7 and /or O.C.G.A. 50-34-6. In order to maximize their competitiveness for public water, wastewater, and solid-waste management projects, applicants are encouraged to discuss their project with the Georgia Environmental Facilities Authority (GEFA) before submitting a proposal to the Authority.
(4) The OneGeorgia Authority reserves the right to establish criteria regarding the nature, types and forms of financial assistance that the Equity Fund provides. In general, assistance will take the form of grants, low-interest loans or loan/grant combinations. The exact structure and amount will be determined by the activity to be financed, the financial capacity of the applicant, business and/or enterprise. Loans will be structured using generally accepted public and private financing instruments and procedures. All recaptured funds must be returned to the OneGeorgia Authority.
O.C.G.A. § 50-34-1et seq.
