100.293. Citation--jobs now recommendation committee created, membership, duties--applications--preference given to certain projects--requests granted, determinations required. - Missouri Statutes

Citation--jobs now recommendation committee created, membership,duties--applications--preference given to certain projects--requestsgranted, determinations required.

100.293. 1. This section, section 100.277, * sections 135.950 to135.973, RSMo, and sections 178.760 to 178.764, RSMo, shall be known andmay be cited as the "Jobs Now Act".

2. There shall be created a "Jobs Now Recommendation Committee",comprised of representatives of the department of economic development, thedepartment of agriculture, the department of natural resources, and thedepartment of transportation. The committee shall establish applicationmaterials and procedures for development agencies to apply to the board forgrants or low-interest or interest-free loans for the purpose of fundingjobs now projects.

3. Applications shall be submitted simultaneously to the committeeand the board. The committee shall review the applications and prepare andsubmit analyses and recommendations to the board for a determination as toapproval or denial of grants or loans from the jobs now fund.

4. In reviewing applications, the board shall give preference toredevelopment projects that protect natural resources or rehabilitateexisting dilapidated or inadequate infrastructure in areas defined undersection 135.530, RSMo.

5. After reviewing applications and such other information as theboard may require, the board may grant all or a part of a grant or loanrequest, provided the board determines:

(1) The jobs now project:

(a) Will not happen without the grant or loan from the board; or

(b) Will have a significant local economic impact; or

(c) Demonstrates high levels of job creation;

(2) In the case of a low-interest or interest-free loan, the jobs nowproject will generate sufficient revenues or the borrower will otherwisehave sufficient revenues available to enable the borrower to repay the loanto the jobs now fund, along with any interest to be charged; and

(3) No loan or grant may exceed two million dollars.

(L. 2004 S.B. 1155)

*Word "and" appears in original rolls.