Ga. Comp. R. & Regs. 413-10-1-.07

Current through Rules and Regulations filed through December 24, 2024

Rule 413-10-1-.07 - Project Evaluation

(1) An application will be reviewed based on whether the project will result in rural innovation.

(2) An application for Rural Innovation funds must provide written certification from the applicant that the applicant is authorized to carry out the project and that the proposed expenditure of funds complies with all applicable legal requirements.

(3) An application which contains insufficient information or documentation to be evaluated may be returned to the applicant without having been scored.

(4) Members of the Authority may conduct site visits and hold discussions with applicants and related entities to evaluate information in the application.

(5) In evaluating whether an applicant's proposal will result in rural innovation, the Authority must consider the following factors:

a. As applicable, underwriting analysis has determined that the organizational status of the applicant is documented and reputable;

b. The applicant, recipient, or subrecipient's performance and standing are secure in the following areas: capital management, debt capacity, management character and experience, collateral value, and economic and market conditions;

c. The applicant's development or business plan uses reasonable assumptions;

d. The applicant's proposed development team has a successful record of accomplishments;

e. The proposed business plan, marketing strategy, and proforma are realistic;

f. Financial and programmatic alternatives have been considered and eliminated;

g. Project costs are verified through original source documents and appear reasonable; and

h. The need for Rural Innovation Fund assistance is demonstrated.

(6) The Authority shall consider the proposed project's impact on the state, regional, and local economies and tax base.

(7) The Authority may evaluate the proposed project's impact on economic or job creation by considering the following factors:

a. The number and quality of jobs to be created or retained;

b. The amount of total state and local assistance per job created or retained;

c. The amount of new private leverage; and

d. The improvement of regional competitiveness or economic viability due to the project's implementation.

(8) The Authority may evaluate project readiness using the following factors:

a. Infrastructure or utility access issues;

b. Specific job and investment commitments;

c. Commitments to fund operations or maintenance;

d. Whether other public and private sector investors are committed and ready to invest; and

e. Whether all needed real property is acquired or under option; and

f. Whether environmental, regulatory, or liability concerns have been addressed.

(9) Additional factors may be considered depending on the nature of a project and its merit compared to competing proposals and depending on the availability of funding at the time of application.

(10) The Authority shall determine the amounts of funding awards, which may differ from the applicant's requested amount.

(11) If the OneGeorgia Authority approves the project, funds will be made available through an award agreement incorporating by reference the approved final application and adding any terms and conditions as necessary or appropriate.

(12) A recipient must file a report on the impact and performance of the project in a format prescribed by the Executive Director of the OneGeorgia Authority.

(13) If an applicant fails to agree to the terms and conditions of the award agreement within a designated amount of time, the OneGeorgia Authority may terminate consideration of the project.

(14) Award agreements will be issued with an expiration date. If an applicant fails to request a drawdown of funds by the expiration date, the application's approval may expire, and funds may not be issued.

(15) In addition to complying with the terms and conditions of the award agreement, the recipient must attest to the following:

a. No applicable federal or state laws, rules, regulations, or applicable local ordinances shall be violated in carrying out this project;

b. The recipient's internally adopted procurement procedures meet applicable state requirements and will be followed, and documentation shall be maintained to demonstrate such adherence;

c. The recipient's accounting records shall be maintained in a manner consistent with generally accepted government accounting standards; and

d. If the recipient is a development authority, a project financed in whole or in part by the Rural Innovation Fund shall comply with O.C.G.A. 36-62-7.

e. The recipient shall undergo an annual financial audit conducted in accordance with government auditing standards. This audit shall contain documentation of the dates, amounts, drawdowns, and expenditures of funding from the Rural Innovation Fund for each applicable fiscal year. The recipient shall submit to the Executive Director of the OneGeorgia Authority copies of all audits that cover all or part of the grant period.

f. No real or apparent conflict of interest shall be engaged in by any person or party (or any person or party with whom they have family or business ties) who is involved in any aspect of the project.

Ga. Comp. R. & Regs. R. 413-10-1-.07

O.C.G.A. § 50-34-1 et seq.

Original Grant Description entitled "Project Evaluation" submitted May 16, 2022.