La. Admin. Code tit. 19 § VII-2705

Current through Register Vol. 50, No. 8, August 20, 2024

Section VII-2705 - General Principles

A. The following general principles will direct the administration of the Louisiana Project Equity Fund.

1. Awards are not to be construed as an entitlement for Louisiana University Foundations or their subsidiary entities locating and are subject to the discretion of the LED, the secretary of the LED and the LEDC.

2. An award must reasonably be expected to be a significant factor in improving or enhancing economic development, including cluster development, whether in a particular circumstance, or overall.

3. Awards must reasonably be demonstrated to result in the enhanced economic well-being of the state and local communities.

4. The anticipated economic benefits to the state will be considered in making the award.

5. Whether or not an award will be made is entirely at the discretion of the LED, its cluster and service directors, the secretary and the LEDC board and shall depend upon the facts and circumstances of each case, funds available, funds already allocated, and other such factors as the board may, in its discretion deem to be pertinent. The grant or rejection of an application for an award shall not establish any precedent and shall not bind the LED, its cluster directors, the secretary, or the LEDC board to any future course of action with respect to any application.

La. Admin. Code tit. 19, § VII-2705

Promulgated by the Department of Economic Development, Office of Business Development, Louisiana Economic Development Corporation, LR 29:2634 (December 2003).

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2312.