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CSSB 154(L&C): "An Act relating to the economic development grant program; and providing for an effective date."

00CS FOR SENATE BILL NO. 154(L&C) 01 "An Act relating to the economic development grant program; and providing for 02 an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 29.60 is amended by adding new sections to read: 05 ARTICLE 9. ECONOMIC DEVELOPMENT GRANT PROGRAM. 06  Sec. 29.60.670. ECONOMIC DEVELOPMENT GRANT FUND. The 07 economic development grant fund consisting of appropriations to the fund is 08 established in the Department of Administration. Except as otherwise provided in an 09 appropriation act, money appropriated to the fund does not lapse but is retained in the 10 fund. 11  Sec. 29.60.675. ECONOMIC DEVELOPMENT GRANTS. (a) A municipality 12 or a regional development organization may apply for an economic development grant 13 for a fiscal year by submitting an application to the Office of the Governor before 14 October 1 of the preceding fiscal year. The application shall be on a form prescribed

01 by the office of management and budget after consulting with the Department of 02 Commerce and Economic Development and the Department of Community and 03 Regional Affairs. The grant money may only be used for construction of a capital 04 project that will increase economic opportunity within the municipality or region that 05 the organization represents. The grant application must include the following 06 information: 07  (1) the amount of money available to the municipality or the 08 organization from nonstate sources that the municipality or the organization proposes 09 to use to match grant funds for the project; 10  (2) the amount of money available from private, nongovernmental 11 sources that has been committed to or as a result of investment in the project; 12  (3) an estimate of the number and duration of construction jobs within 13 the municipality or region that will result from the project; 14  (4) an estimate of the number of new permanent jobs within the 15 municipality or region that will result directly or indirectly from the project; 16  (5) an estimate of the amount of state taxes, municipal taxes, and other 17 fees or payments to the state or applicant that will be generated as a result of the 18 project during the 10 years following its completion; and 19  (6) a description of the ownership of the completed project and how 20 the project will be operated and maintained after it is constructed. 21  (b) All grant applications received for a fiscal year shall be evaluated by a 22 committee composed of representatives of the office of management and budget, the 23 Department of Commerce and Economic Development, the Department of Community 24 and Regional Affairs, and other agencies. Committee members shall be selected by 25 the director of the office of management and budget and shall be chaired by the 26 director or the director's designee. The committee may request from a municipality 27 or organization additional information needed to evaluate a proposed capital project. 28 As part of the annual capital improvements program presented to the legislature under 29 AS 37.07.060, the governor shall submit to the finance committees of each house of 30 the legislature a prioritized list of projects for which the evaluation committee 31 recommends funding based on the degree to which each project has the potential to

01 improve the economy of the state and of the municipality that has applied for the grant 02 or the region represented by the organization that has applied for the grant. 03  (c) The legislature may appropriate or allocate from the economic development 04 fund or allocate in an appropriation to the fund all or a portion of the money requested 05 by a municipality or organization for a project identified in the prioritized list. 06  Sec. 29.60.680. GRANTS. The Department of Administration, after consulting 07 with the Department of Commerce and Economic Development and the Department 08 of Community and Regional Affairs, shall by regulation establish requirements for 09 economic development grants under AS 29.60.670 - 29.60.685 and shall administer the 10 grants. The regulations are subject to approval by the office of management and 11 budget. A grant may not be awarded by the department unless money for the project 12 is appropriated or allocated under AS 29.60.675(c) and the municipality or organization 13 meets or exceeds the amount of matching money identified in its grant application. 14  Sec. 29.60.685. DEFINITIONS. In AS 29.60.670 - 29.60.680, "regional 15 development organization" and "organization" have the meanings given in 16 AS 44.33.026(e). 17 * Sec. 2. This Act takes effect July 1, 1993.