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.