Rule 110-25-1-.05 - Fund Availability(1) Funds appropriated or otherwise made available to the Department will be made available to eligible applicants for projects when a life-sciences company cannot locate or expand without special financial assistance.(2) In addition to funds appropriated by the Legislature, additional funds may come from program income such as principal and interest on the LSFF loans or REBA loans that were designated for use by life-science companies. Program income may be used for future LSFF loans or to cover the Department's costs in managing the Facilities Fund.(3) Loans will be closed in either DCA's name or by the Georgia Housing and Finance Authority (or a subsidiary corporation thereof). Loans may be made to a development authority which will in turn loan the funds to the sub-recipient business, or loans may be made directly to the sub-recipient business.(4) Loans are not limited in amount, although generally the loan amount will not be more than 25% of the fixed-asset needs of the company's Georgia location. A recommended loan amount should be included in a letter of support from a state agency or organization whose statutory powers and duties include community and economic development or the enhancement of Georgia's technology sectors. (See Section 110-25-1.08(3) below.) Final approval of loan amounts is at the discretion of the Department.(5) The criteria in these rulesare designed to assist the Department in making its decision and only constitute minimum standards. Additional factors may be considered depending on the nature of particular projects and their relative merit compared to competing proposals, and depending on the availability of funding at the time of application.(6) The Department will establish and announce funding availability. Applications will be accepted throughout the fiscal year and will be reviewed based upon the criteria in Rules 110-25-1-.08 and .09.(7) Eligible applicants must apply for assistance under this program in a format and manner described by the Department. Application manuals and guidelines may be obtained from the Department or its website: Georgia Department of Community Affairs
Life-Sciences Facilities Fund
60 Executive Park South, NE
Atlanta, Georgia 30329 (404) 679-4940
www.dca.state.ga.us
Ga. Comp. R. & Regs. R. 110-25-1-.05
O.C.G.A. Secs. 50-8-3, 50-8-8, 50-26-4, 50-26-5, 50-26-8, 50-26-18.
Original Rule entitled "Fund Availability" adopted. F. Dec. 16, 2005; eff. Jan. 5, 2006. Grant Chapter 110-25-1 originally submitted on December 16, 2005, as rules. Error discovered and corrected in Nov. 2007. Original grant description entitled "Fund Availability" submitted December 16, 2005.