Ga. Comp. R. & Regs. 413-3-.02

Current through Rules and Regulations filed through October 29, 2024

Rule 413-3-.02 - Definitions

The definitions for purposes of this regulation are identical in all respects to the terms defined in O.C.G.A. §50-34et seq.

Business Enterprise: A business engaged in manufacturing, producing, processing, assembling, repairing, extracting, warehousing, handling, or distributing any agricultural, manufactured, mining, or industrial product or any combination of the foregoing; a business engaged in furnishing or facilitating communications, computer services, research, or transportation; a business engaged in tourism; a business engaged in commercial or retail sales or service; a business engaged in construction; and corporate and management offices and services provided in connection with any of the foregoing, in isolation or in any combination that involves, in each case, either the creation of new or additional employment, the retention of existing employment or payroll, or the increase of average payroll for employees of such enterprise.

Project: Project generally describes a situation where:

a) a business enterprise is considering or planning an expansion of employment;

b) a business enterprise is considering or planning to modernize or enhance their equipment or processes in order to increase the competitiveness of the business enterprise or to enhance the average payroll for employees of such enterprise, or

c) an individual, group of individuals, or consortium of business enterprises seeks to form a new business venture, has raised significant private investment and has thoroughly explored other public and private financing options.

Time-Sensitive: Time-sensitive generally describes a situation where:

a) the applicant can demonstrate the project requires financial assistance in a time-frame not provided for in the OneGeorgia Equity Fund competition cycle (see Equity Fund Rules at 413-1), or

b) the project involves intensive communication with the business enterprise for the purposes of financial analysis or underwriting, as deemed necessary by the Authority, and thus does not lend itself to the competition cycle provided by the Equity Fund cycle (see Equity Fund Rules at 413-1).

Ga. Comp. R. & Regs. R. 413-3-.02

O.C.G.A. Sec. 50-34-1et seq.

Original grant description entitled "Definitions" submitted August 30, 2001.