Official summary
SF0075
Bill No.:
SF0075
Drafter:
LGC
LSO No.:
12LSO-0290
Effective Date:
July 1, 2012
Enrolled Act No.:
SEA0046
Chapter No.:
CH0093
Prime Sponsor:
Senator
Driskill
Catch Title:
Business
ready community program-planning.
Subject:
Providing
for planning grants and loans.
Summary/Major Elements:
Under current law, grants and loans under the business ready
communities grant and loan program may be made for economic development of
infrastructure projects including the purchase of land, buildings, facilities,
telecommunications infrastructure, rights of way, airports, sewer and water
projects, roads, landscaping, recreational and convention facilities or other
infrastructure.
This act allows for business ready communities grants and loans
for planning of those projects. This act limits those planning grants and
loans as follows:
Grants and loans for planning shall not exceed 2% of the total
amount appropriated to the program in any fiscal year;
Grants or loans for planning shall not exceed $100,000 per
project;
Grants and loans for planning are subject to a 25% match
requirement, which match may not be met through funds received from a community
development block grant.