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2011 SESSION

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SB 1050 Governor's Development Opportunity Fund; criteria for grants or loans from Fund.

Introduced by: George L. Barker | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Governor's Development Opportunity fund; criteria for awarding grants or loans.  Expands the options that a grant or loan may be awarded from the Governor's Development Opportunity Fund by including proposed project that involve (i) a minimum private investment of $50 million creating 50 jobs for which the average wage, excluding fringe benefits, is no less than the prevailing average wage, or (ii) a minimum private investment of $100 million creating 25 jobs for which the average wage, excluding fringe benefits, is no less than the prevailing average wage. The bill also provides that if a project represents an emerging technology deemed to be of benefit to the Commonwealth and creates a minimum of 25 jobs for which the average wage, excluding fringe benefits, is no less than one and one half times the prevailing average wage of the local community, a grant or loan may be awarded from the Fund.  This bill was incorporated into SB 1379.


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