65-4-7 - Application for assistance to construct or improve highways to encourage economic development.
§ 65-4-7. Application for assistance to construct or improve highways to encourage economic development.
Any political subdivision desiring the assistance of the state in order to construct or improve any highways or highway segments, the primary purpose of such construction or improvement being to encourage a private company to engage in a high economic benefit project within the geographic boundaries of the political subdivision, may apply to the board for such approval and assistance. The application from the political subdivision shall include, but not be limited to:
(a) A description of the highways or highway segments requested to be constructed or improved;
(b) A certified resolution from the governing authorities of the political subdivision detailing the source and amount of funds which the political subdivision has committed or is willing to commit for construction or improvement of such highways or highway segments;
(c) A certified copy of a signed letter of intent from the private company to the political subdivision describing in detail the high economic benefit project in which it is committed to engage upon construction or improvement of the highways or highway segments within the political subdivision and the proposed timetable for completion of such project;
(d) Demonstration that the private company is financially sound and is likely to fulfill the commitments made in its letter of intent; and
(e) An estimate by the private company of the number, size and weight of motor vehicles and the frequency of travel of such vehicles upon the highways or highway segments requested to be constructed or improved after completion of the project by the private company.
Sources: Laws, 1988, ch. 565, § 4; Laws, 1990, ch. 580, § 3, eff from and after passage (approved April 9, 1990).