006.05.98 Ark. Code R. 022
Current through Register Vol. 49, No. 10, October, 2024
Rule 006.05.98-022 - Amendment to Regulations - Economic Development of Arkansas Fund Commission8.General approval Standards and Criteria: In the review and consideration of financial assistance applications, consideration shall be given to the following general and non-exclusive: (a)Compliance With Laws.The applicant must possess all legal rights and privileges necessary for Project commencement and operation.(b)Eligibility. The applicant and proposed Project must be determined to be eligible for the financial assistance.(c)Local Need. The Project must be found to be needed in the area to be served and must be served and must be found to be sufficient, as proposed, or reflect satisfactory progress toward serving such needs. In no event may funds be used to bypass service currently being provided by the natural gas utility.(d)Project Feasibility. The proposed Project must appear to be feasible from a technical standpoint. In the case of a natural gas project, the utility's contribution shall not exceed the company's investment criteria or similar policies and/or procedures.(e)Statewide Needs and Public Interest. Consideration shall be given to the relationship between the proposed Project and the overall development needs within the State of Arkansas as well as to whether the proposed Project, if constructed, will serve the public interest and welfare.(f) Priority shall be given to projects which can demonstrate: (1) A specific industry- committed and demonstrated to be capable of providing new jobs to the community. The more definite Jobs to be created, the more likely the project will be funded. (2) A firm commitment from the industry to locate or expand if the poject is approved by the Commission.(3) If an incubator project then a commitment from those benefited by incubation to locate, where possible, in the State of Arkansas without bias for or against the place of incubation.(4) A high likelihood of substantial job creation. Where the number of jobs is speculative, then an assessment shall be submitted by the AEDC as to the probability of job creation and the Quality of the Job. A scale shall he developed and used to apprise the Commission of the relative likelihood of job creation.(5) Other sources of funding have been explored and exhausted. Other sources must be listed in the application. **Summary of change: The only change to this rule is the addition of subsection (f). The substance of this change is that it puts an applicant on notice of the priority given by the Economic Development of Arkansas Fund Commission to the those requesting funding from the Commission.
006.05.98 Ark. Code R. 022