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SF 2893 Senate Long Description

E Modifying and clarifying certain provisions regulating business subsidies; excluding assistance for designated historic preservation districts and tax increment financing (TIF) hazardous substance subdistricts, funds from bonds issued to refund outstanding bonds or issued for the benefit of certain organizations, federal assistance until repaid to and reinvested by the state or local government agency, funds from dock and wharf bonds issued by seaway authorities, certain lower business loans and loan guarantees and certain federal loan funds from regulation; including increasing the tax base as a public purpose; modifying certain subsidy award criteria requirements, requiring the submittal of copies to the department of trade and economic development with the first annual report; modifying certain subsidy agreement and public notice and hearing requirements; clarifying and modifying certain reporting requirements; requiring annual DTED publication of a compilation of granting agency criteria policies adopted in the previous year; requiring wage and job goals to contain specific goals to be attained within a certain number of years of the benefit date and the statement to specify the obligations of recipients not attaining the goals, authorizing the legislature after public hearing to extend the period for meeting the goals; providing a transition period for certain granting agencies to comply with certain additional minimum criteria requirements; providing for the noneffect of the repeal of a certain provision specifying certain wage and job requirements of businesses receiving state or local government assistance for economic development or job growth purposes to assistance received between certain dates (mk, ja)