4-28-111 - Annual review Summary of findings Curing noncompliance.
4-28-111. Annual review Summary of findings Curing noncompliance.
(a) The department of economic and community development shall conduct an annual review of each qualified TNInvestco to determine if the qualified TNInvestco is abiding by the requirements of the program and to ensure that no investments have been made in violation of this chapter. The cost of the annual review shall be paid by each qualified TNInvestco according to a reasonable fee schedule adopted by the department.
(b) The department shall provide the qualified TNInvestco a summary of findings including any areas of noncompliance. The qualified TNInvestco shall have sixty (60) days to cure any areas of noncompliance. Failure to cure the areas of noncompliance within sixty (60) days shall result in a penalty of ten thousand dollars ($10,000) per day until the noncompliance is cured. The proceeds from any such penalty shall be deposited into the Tennessee rural opportunity fund to further the state's economic development efforts. Funds related to the investment tax credit shall not be used to pay the penalty imposed under this section.
[Acts 2009, ch. 610, § 12.]