Nev. Admin. Code § 231.070

Current through August 29, 2024

Section 231.070 - Recipient of allocation, grant, or loan of money required to enter into agreement with Office upon approval of application

Unless a specific statute or regulation applies to a particular allocation, grant or loan of money or other incentive for economic development, if the Office or Executive Director approves an application for an allocation, grant or loan of money or other incentive for economic development, the recipient must enter into an agreement with the Office and the agreement must include, without limitation:

1. The amount of the allocation, grant or loan of money or other incentive for economic development;

2. The proposed use of the allocation, grant or loan of money or other incentive for economic development;

3. The date on which the Office or Executive Director approved the allocation, grant or loan of money or other incentive for economic development;

4. The objective benchmarks of performance by which the Office or Executive Director and the recipient of the allocation, grant or loan of money or other incentive for economic development will measure the progress and completion of the project for which the allocation, grant or loan of money or other incentive for economic development is provided;

5. A requirement that the recipient of the allocation, grant or loan of money or other incentive for economic development report to the Office periodically, and that the report include a statement of:

(a) The progress that the recipient has made toward the completion of the benchmarks of performance established pursuant to subsection 4;

(b) The expected dates by which the recipient will complete the benchmarks of performance established pursuant to subsection 4; and

(c) Any other information deemed necessary by the Executive Director;

6. The right of the Office or Executive Director, or his or her designee, to review any document which the Office or Executive Director determines is necessary for the appropriate fiscal oversight of the project for which the allocation, grant or loan of money or other incentive for economic development is provided;

7. The date on or the circumstances under which the allocation, grant or loan of money or other incentive for economic development will end; and

8. Any additional terms, requirements or information deemed necessary by the Office or Executive Director.

Nev. Admin. Code § 231.070

Added to NAC by Office of Economic Dev. by R113-16 & R159-16, eff. 6/26/2018

NRS 231.053, 231.152