Nevada Administrative Code
Chapter 231 - Economic Development and Tourism
OFFICE OF ECONOMIC DEVELOPMENT
Catalyst Account
Section 231.435 - Agreement between Office and sponsoring municipality upon approval of application

Universal Citation: NV Admin Code 231.435

Current through September 16, 2024

If an application submitted pursuant to NAC 231.430 is approved, the Office will enter into an agreement with the sponsoring municipality. Such an agreement must:

1. Require the sponsoring municipality to:

(a) Enter into a written agreement with each business to which the sponsoring municipality will provide a Catalyst Account disbursement before the Office makes a grant or loan of money from the Catalyst Account to the sponsoring municipality; and

(b) Within 60 days after the end of any period for which the Office is authorized to make a grant or loan of money from the Catalyst Account to the sponsoring municipality, submit a report to the Executive Director, which must include, without limitation:
(1) The number of new primary jobs created during the period as a result of each agreement entered into by the sponsoring municipality and a business to which the sponsoring municipality may provide a Catalyst Account disbursement;

(2) The average annual wage of the new primary jobs identified in the report pursuant to subparagraph (1);

(3) A statement as to whether the number of new primary jobs and average annual wage identified in the report pursuant to subparagraphs (1) and (2) satisfy the requirements of the agreement entered into by the sponsoring municipality and the business to which the sponsoring municipality may provide a Catalyst Account disbursement;

(4) Evidence that a business to which the sponsoring municipality may provide a Catalyst Account disbursement offers health insurance to the person who holds each new primary job;

(5) The amount of capital investment made by the business during the period covered by the report;

(6) A statement of the return on investment for the Catalyst Account disbursement, based on the information provided pursuant to subparagraphs (1), (2) and (5);

(7) A statement, including any supporting documentation, explaining the benefit to the public from the project that utilized a Catalyst Account disbursement; and

(8) Any other information deemed necessary by the Executive Director;

2. Set forth the length and terms of the agreement;

3. Set forth the maximum amount of each Catalyst Account disbursement and a schedule for distributing each Catalyst Account disbursement over the entire length of the project undertaken by a business receiving a Catalyst Account disbursement from the sponsoring municipality;

4. Provide that the sponsoring municipality may make a Catalyst Account disbursement only if a business receiving the Catalyst Account disbursement satisfies the terms of the agreement entered into by the sponsoring municipality and the business pursuant to paragraph (a) of subsection 1; and

5. Contain a provision stating that if the sponsoring municipality withholds a Catalyst Account disbursement because the business receiving the Catalyst Account disbursement is unable to satisfy the requirements of an agreement entered into by the sponsoring municipality and the business pursuant to paragraph (a) of subsection 1, the amount of the Catalyst Account disbursement reverts back to the Catalyst Account and the sponsoring municipality has no right to the amount of the Catalyst Account disbursement.

Added to NAC by Office of Economic Dev. by R159-16, eff. 6/26/2018

NRS 231.053, 231.1555

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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