Current through Register Vol. 45, No. 52, December 27, 2023
(a) The corporation, in cooperation with the
State's regional economic development offices, shall evaluate applications for
program assistance in conformance with the act and in accordance with the
specific evaluation criteria for the difference types of assistance set forth
in this Part, the other requirements set forth in this Part and the following
criteria as applicable:
(1) the financial
condition of the entity undertaking the project, including its profitability or
potential to generate profits; liquidity; ability to service debt and its
leverage ratio;
(2) management
experience, ability and relevant knowledge and the relevant entity's general
ability to carry out the project;
(3) satisfactory credit references;
(4) availability of adequate collateral for
program assistance and guarantees, if appropriate;
(5) absence of tax judgments;
(6) size of the relevant entity's equity
contribution to the project (in general, an equity contribution of at least 10
percent of the total project cost will be required, except as may otherwise be
provided herein);
(7) the economic
development benefits that are likely to result from the project and the amount
of assistance requested;
(8) the
extent to which the community in which the project is located is a distressed
area and the project's overall impact on the community;
(9) the number and nature of any jobs to be
created and the total payroll impact of the project;
(10) the availability of other sources of
funding, including offers of assistance from locations outside of the State,
and the amount of private financing leveraged by program funds; and
(11) with respect to the competitiveness
improvement program, the extent to which the project will generate economic
development benefits by addressing productivity, work force, market, financial
or other competitiveness issues.
(b) The corporation may consider whether the
type and amount of proposed program assistance is reasonably necessary to
accomplish the project.
(c) The
corporation may consider the terms of any economic development assistance
available as an incentive for the location of the proposed project outside of
the State.
