00 CS FOR SENATE BILL NO. 154(L&C)(efd fld)
01 "An Act relating to the economic development grant program."
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
03 * Section 1. AS 29.60 is amended by adding new sections to read:
04 ARTICLE 9. ECONOMIC DEVELOPMENT GRANT PROGRAM.
05 Sec. 29.60.670. ECONOMIC DEVELOPMENT GRANT FUND. The
06 economic development grant fund consisting of appropriations to the fund is
07 established in the Department of Administration. Except as otherwise provided in an
08 appropriation act, money appropriated to the fund does not lapse but is retained in the
10 Sec. 29.60.675. ECONOMIC DEVELOPMENT GRANTS. (a) A municipality
11 or a regional development organization may apply for an economic development grant
12 for a fiscal year by submitting an application to the Office of the Governor before
13 October 1 of the preceding fiscal year. The application shall be on a form prescribed
14 by the office of management and budget after consulting with the Department of
01 Commerce and Economic Development and the Department of Community and
02 Regional Affairs. The grant money may only be used for construction of a capital
03 project that will increase economic opportunity within the municipality or region that
04 the organization represents. The grant application must include the following
06 (1) the amount of money available to the municipality or the
07 organization from nonstate sources that the municipality or the organization proposes
08 to use to match grant funds for the project;
09 (2) the amount of money available from private, nongovernmental
10 sources that has been committed to or as a result of investment in the project;
11 (3) an estimate of the number and duration of construction jobs within
12 the municipality or region that will result from the project;
13 (4) an estimate of the number of new permanent jobs within the
14 municipality or region that will result directly or indirectly from the project;
15 (5) an estimate of the amount of state taxes, municipal taxes, and other
16 fees or payments to the state or applicant that will be generated as a result of the
17 project during the 10 years following its completion; and
18 (6) a description of the ownership of the completed project and how
19 the project will be operated and maintained after it is constructed.
20 (b) All grant applications received for a fiscal year shall be evaluated by a
21 committee composed of representatives of the office of management and budget, the
22 Department of Commerce and Economic Development, the Department of Community
23 and Regional Affairs, and other agencies. Committee members shall be selected by
24 the director of the office of management and budget and shall be chaired by the
25 director or the director's designee. The committee may request from a municipality
26 or organization additional information needed to evaluate a proposed capital project.
27 As part of the annual capital improvements program presented to the legislature under
28 AS 37.07.060, the governor shall submit to the finance committees of each house of
29 the legislature a prioritized list of projects for which the evaluation committee
30 recommends funding based on the degree to which each project has the potential to
31 improve the economy of the state and of the municipality that has applied for the grant
01 or the region represented by the organization that has applied for the grant.
02 (c) The legislature may appropriate or allocate from the economic development
03 fund or allocate in an appropriation to the fund all or a portion of the money requested
04 by a municipality or organization for a project identified in the prioritized list.
05 Sec. 29.60.680. GRANTS. The Department of Administration, after consulting
06 with the Department of Commerce and Economic Development and the Department
07 of Community and Regional Affairs, shall by regulation establish requirements for
08 economic development grants under AS 29.60.670 - 29.60.685 and shall administer the
09 grants. The regulations are subject to approval by the office of management and
10 budget. A grant may not be awarded by the department unless money for the project
11 is appropriated or allocated under AS 29.60.675(c) and the municipality or organization
12 meets or exceeds the amount of matching money identified in its grant application.
13 Sec. 29.60.685. DEFINITIONS. In AS 29.60.670 - 29.60.680, "regional
14 development organization" and "organization" have the meanings given in
15 AS 44.33.026(e).