15F.303 - ELIGIBILITY.
15F.303 ELIGIBILITY.
1. The total cost for a project must be at least twenty million
dollars in order for an applicant to receive financial assistance
under the program. An applicant or the board may divide a proposed
project into component parts. The board may choose to provide
financial assistance under the program to one or more component parts
instead of providing financial assistance under the program for the
entire project.
2. An applicant must demonstrate financial and nonfinancial
support for the project which may be from a public or private source.
Nonfinancial support may include, but is not limited to, the value of
labor and services, real and personal property donated for purposes
of the project, and the use of real and personal property for
purposes of the project. The financial and nonfinancial support for
the project described under this subsection shall equal at least
fifty percent of the total cost of the project.
3. In order for a project to be eligible to receive financial
assistance, the project must satisfy all of the following criteria:
a. The project is primarily a vertical infrastructure project
with demonstrated substantial regional or statewide economic impact.
For purposes of the program, "vertical infrastructure" means land
acquisition and construction, major renovation and major repair of
buildings, all appurtenant structures, utilities, site development,
and recreational trails. "Vertical infrastructure" does not
include routine, recurring maintenance or operational expenses or
leasing of a building, appurtenant structure, or utility without a
lease-purchase agreement.
b. The project supports or is strategically aligned with
other existing regional or statewide cultural, recreational,
entertainment, or educational activities or with communities adjacent
to cultural and entertainment districts whose existing or planned
amenity base will augment or complement the cultural and
entertainment venues of such districts.
c. The project provides benefits to persons living outside
the county in which the project is located or to persons living
outside the state.
d. The project will increase the diversity of activities
available to citizens, workers, families, and tourists, and enhance
recruitment and retention of young people as residents.
e. The project has economic or other obstacles impeding local
financing of the project.
4. The board shall not approve an application for assistance for
any of the following purposes:
a. To refinance a loan existing prior to the initial
application date.
b. For a project that has previously received assistance
under the program, unless the applicant demonstrates that the
assistance would be used for a significant expansion of a project.
Section History: Recent Form
2000 Acts, ch 1174, §13; 2007 Acts, ch 215, §81