19-5704. Grant; application; contents; eligibility; limitations.

255 words·~1 min read·/ne/chapter-19/19-5704

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Beginning July 1, 2024, an eligible grantee may apply to the Department of Economic Development for a grant under the Municipality Infrastructure Aid Act on forms created by the department.

(2)To be eligible for a grant under the Municipality Infrastructure Aid Act, an eligible grantee shall include the following in its application:

(a)The infrastructure improvements that are a part of a redevelopment plan approved under the Community Development Law;

(b)How the infrastructure improvements would attract and support any new business or business expansion;

(c)How the infrastructure improvements would provide infrastructure that is sufficient for the new business or business expansion;

(d)The cost-benefit analysis of the redevelopment plan approved under the Community Development Law; and

(e)How the new business or business expansion would provide the following:

(i)The creation of additional jobs in or near the eligible grantee;

(ii)The creation of high-quality jobs in or near the eligible grantee;

(iii)Increased business investment in or near the eligible grantee; and

(iv)Revitalization of rural and other distressed areas of the state.

(3)A grant shall not be awarded to an eligible grantee if:

(a)The eligible grantee does not provide a positive cost-benefit analysis of the redevelopment plan approved under the Community Development Law; or

(b)The eligible grantee does not provide matching funds in the amount of at least twenty-five percent of the amount of the grant.

(4)An eligible grantee shall not be awarded a grant of more than five million dollars for any single application.