Louisiana Administrative Code
Title 13 - ECONOMIC DEVELOPMENT
Part I - Financial Incentive Programs
Chapter 47 - Competitive Projects Tax Exemption Program
Section I-4707 - Contract Approval
Universal Citation: LA Admin Code I-4707
Current through Register Vol. 50, No. 3, March 20, 2024
A. Contract. The secretary shall determine the terms and conditions of the contract, including the term, performance obligations, monitoring by the department, reporting by the business, auditing of contract performance and the consequences of any failure to perform such obligations.
B. Approval
1. The secretary may request approval of the
contract by the board of commerce and industry upon determining that:
a. the business meets all eligibility
requirements;
b. participation in
the program is needed in a highly competitive site selection situation to
encourage the business to locate the project in the state; and
c. securing the project will result in
significant positive economic benefit to the state.
2. Following approval by the board of
commerce and industry, the contract shall be executed by the
secretary.
3. LED shall submit a
copy of the executed contract to the assessor and the parish governing
authority of the affected parish.
AUTHORITY NOTE: Promulgated in accordance with R.S. 47:4351, et seq.
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