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2007 SESSION

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HB 2468 Governor's Development Opportunity Fund; adjusts eligibility for grants or loans.

Introduced by: Daniel W. Marshall, III | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Governor's Development Opportunity Fund.  Adjusts eligibility for grants or loans from the Governor's Development Opportunity Fund for projects that are in a city or county whose annual average unemployment rate for the most recent calendar year is one and a half times or more the state average. In such cases, the minimum amount of private investment is lowered from $10,000,000 to $7,500,000 and the number of new jobs that must be created is lowered from 100 to 75. For localities with a population between 50,000 and 100,000 the minimums are lowered from $5,000,000 in private investment to $3,500,000 and from 50 new jobs to 35. For localities with less than 50,000 in population, minimums are lowered from $2,500,000 in private investment to $1,500,000 and from 25 new jobs to 15.  In addition, the bill provides that localities that have created Regional Industrial Facilities Authorities shall be eligible at the lowest investment and job creation threshold of any locality in that Authority.


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