Section 57-26-5 - Development, implementation and administration of incentive program; participation in incentive program; application; issuance of certificate of participation; cost benefit analysis of project required(1) The MDA shall develop, implement and administer the incentive program authorized in Sections 57-26-1 through 57-26-5 and shall promulgate rules and regulations necessary for the development, implementation and administration of such program.(2) A person, corporation or other entity desiring to participate in the incentive program authorized in Sections 57-26-1 through 57-26-5 must submit an application and an application fee in the amount of Five Thousand Dollars ($5,000.00) to the MDA. Such application must contain (a) plans for the proposed tourism project; (b) a detailed description of the proposed tourism project; (c) the method of financing the proposed tourism project and the terms of such financing; (d) an independent study that identifies the number of out-of-state visitors anticipated to visit the project and the ratio of out-of-state visitors to in-state visitors; and (e) any other information required by the MDA. The Executive Director of the MDA shall review the application and determine if it qualifies as a tourism project under this section and under the rules and regulations promulgated pursuant to this section. If the executive director determines the proposed tourism project qualifies as a tourism project under this section and under the rules and regulations promulgated pursuant to this section, he shall issue a certificate to the person, corporation or other entity designating such person, corporation or other entity as an approved participant and authorizing the approved participant to participate in the incentive program provided for in Sections 57-26-1 through 57-26-5. No certificate designating an entity as an approved participant and authorizing the approved participant to participate in the incentive program shall be issued from and after July 1, 2014, for tourism projects that are cultural retail attractions, or from and after July 1, 2027, for other tourism projects. For tourism projects that are cultural retail attractions, no such issued certificate shall be altered or extended after the date last approved as of July 1, 2020.(3) The MDA shall cause a cost-benefit analysis of the tourism project to be performed by a state institution of higher learning, the university research center or some other entity approved by the MDA. Laws, 2007, ch. 574, § 3; Laws, 2011, ch. 479, § 2, eff. 3/30/2011.Amended by Laws, 2023, ch. 514, SB 2695,§ 1, eff. 7/1/2023.Amended by Laws, 2020, ch. 440, SB 2847,§ 2, eff. 7/1/2020.Amended by Laws, 2016, ch. 483, SB 2922, 4, eff. 7/1/2016.Amended by Laws, 2014, ch. 511, HB 1358, 1, eff. 7/1/2014.