La. Admin. Code tit. 13 § I-559

Current through Register Vol. 50, No. 11, November 20, 2024

Section I-559 - [Effective until 4/20/2025] The Contract

A. Upon board approval of an application and subsequent receipt of the Local ITEP Committee's determination, LED shall draft a contract setting forth the terms and conditions, which may include but not be limited to the following:

1. an initial term of no more than five calendar years;

2. a term of renewal for an additional time period of up to five years; and

3. an ad valorem exemption of 80 person.

B. The contract shall be submitted to the business electronically via LED's electronic document signing system, or other method as may otherwise be approved by all parties.

C. The business must execute its portion of the contract within 90 days. If the contract is not executed and submitted to the department within 90 days, the board's approval shall be deemed rescinded.

D. Once the contract has been executed by the business and the board, the contract, including any Local ITEP Committee determination reflected in the form of a resolution, included as Exhibit "A" to the contract, shall be submitted to the governor for review and consideration.

E. The governor may approve or deny the contract, and a contract shall not be considered effective or binding upon the state until signed by the governor.

F. The terms for the governor's approval of the contracts for ITEP, as provided for in Executive Order JML 24-23, represent the primary cause for the governor's approval of an ITEP contract. Any occurrence that operates to change, suspend, or breach the terms of the contract shall render the approval of the governor null and void.

La. Admin. Code tit. 13, § I-559

Promulgated by the State Board of Commerce and Industry and the Department of Economic Development, LR 50, exp. 10/21/2024 (Emergency), Promulgated by the Board of Commerce and Industry and the Louisiana Economic Development, LR 51, exp. 4/20/2025 (Emergency).

AUTHORITY NOTE: Promulgated in accordance with Article VII, Part 2, Section 21(F) of the Louisiana Constitution of 1974.