5-10-10. Project participation agreement; duties and requirements.
A. The local or regional government and the qualifying entity shall enter into a project participation agreement.
B. The local or regional government shall require a substantive contribution from the qualifying entity for each economic development project. The contribution shall be of value and may be paid in money, in-kind services, jobs, expanded tax base, property or other thing or service of value for the expansion of the economy.
C. The participation agreement at a minimum shall set out:
(1) the contributions to be made by each party to the participation agreement;
(2) the security provided to the local or regional government by the qualifying entity in the form of a lien, mortgage or other indenture and the pledge of the qualifying business's financial or material participation and cooperation to guarantee the qualifying entity's performance pursuant to the project participation agreement;
(3) a schedule for project development and completion, including measurable goals and time limits for those goals; and
(4) provisions for performance review and actions to be taken upon a determination that project performance is unsatisfactory.
5-10-10. Project participation agreement; duties and requirements.
A. The local or regional government and the qualifying entity shall enter into a project participation agreement.
B. The local or regional government shall require a substantive contribution from the qualifying entity for each economic development project. The contribution shall be of value and may be paid in money, in-kind services, jobs, expanded tax base, property or other thing or service of value for the expansion of the economy.
C. The participation agreement at a minimum shall set out:
(1) the contributions to be made by each party to the participation agreement;
(2) the security provided to the local or regional government by the qualifying entity in the form of a lien, mortgage or other indenture and the pledge of the qualifying business's financial or material participation and cooperation to guarantee the qualifying entity's performance pursuant to the project participation agreement;
(3) a schedule for project development and completion, including measurable goals and time limits for those goals; and
(4) provisions for performance review and actions to be taken upon a determination that project performance is unsatisfactory.
5-10-10. Project participation agreement; duties and requirements.
A. The local or regional government and the qualifying entity shall enter into a project participation agreement.
B. The local or regional government shall require a substantive contribution from the qualifying entity for each economic development project. The contribution shall be of value and may be paid in money, in-kind services, jobs, expanded tax base, property or other thing or service of value for the expansion of the economy.
C. The participation agreement at a minimum shall set out:
(1) the contributions to be made by each party to the participation agreement;
(2) the security provided to the local or regional government by the qualifying entity in the form of a lien, mortgage or other indenture and the pledge of the qualifying business's financial or material participation and cooperation to guarantee the qualifying entity's performance pursuant to the project participation agreement;
(3) a schedule for project development and completion, including measurable goals and time limits for those goals; and
(4) provisions for performance review and actions to be taken upon a determination that project performance is unsatisfactory.
