S.B. 460

VETOES

(II) FOR THE PREVIOUS 3 FISCAL YEARS, THE STATUS OF FUND
DISBURSEMENTS FOR ECONOMIC DEVELOPMENT PROJECTS APPROVED BY THE
LEGISLATIVE POLICY COMMITTEE UNDER THIS SECTION; AND

(III) FOR THE PREVIOUS 3 FISCAL YEARS, THE STATUS OF JOB
CREATION, CAPITAL INVESTMENT, AND OTHER MEASURES OF ECONOMIC
DEVELOPMENT FOR EACH ECONOMIC DEVELOPMENT PROJECT APPROVED BY THE
LEGISLATIVE POLICY COMMITTEE UNDER THIS SECTION.

(2) IF THE JOB CREATION, CAPITAL INVESTMENT, AND OTHER
MEASURES OF ECONOMIC DEVELOPMENT DESCRIBED IN PARAGRAPH (2) (1) OF THIS
SUBSECTION ARE LOWER THAN NEGOTIATED ACCORDING TO SUBSECTION (H)(1) OF
THIS SECTION, THE REPORT SHALL CONTAIN AN EXPLANATION.

(3) UPON RECEIPT OF THE REPORT, THE LEGISLATIVE POLICY
COMMITTEE SHALL HAVE 60 DAYS TO REVIEW AND COMMENT ON THE REPORT,
DURING WHICH TIME THE DEPARTMENT OF BUSINESS AND ECONOMIC
DEVELOPMENT SHALL PROVIDE ANY ADDITIONAL INFORMATION REGARDING THIS
FUND AS REQUESTED BY THE LEGISLATIVE POLICY COMMITTEE.

(h) Any EXCEPT AS PROVIDED IN SUBSECTION (I) OF THIS SECTION, ANY
funds transferred from the Economic Development Opportunities Program Fund shall be
used only for extraordinary economic development opportunities that:

(1)     meet the criteria provided in this section; AND

(2)     INCLUDE PERFORMANCE REQUIREMENTS; AND

(3) IN ADDITION TO THE PERFORMANCE REQUIREMENTS UNDER ITEM (2)
OF THIS SUBSECTION, INCLUDE A PERFORMANCE REQUIREMENT THAT UTILIZES A
CLAWBACK PROVISION.

(3) IN ADDITION TO THE PERFORMANCE REQUIREMENTS UNDER ITEM
(2) OF THIS SUBSECTION, INCLUDE A SPECIFIC CLAW-BACK PROVISION REQUIRING
THE DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT TO RECAPTURE
FUNDS LOANED OR GRANTED IF THE RECIPIENT OF THOSE FUNDS DISCONTINUES
ALL OR A SIGNIFICANT PORTION OF BUSINESS ACTIVITIES WITHIN THE STATE; AND

(4) MEET THE DEFINITION OF AN "EXTRAORDINARY IMPACT" AS
PROVIDED IN SUBSECTION (A) OF THIS SECTION.                                   

(I) AFTER CAREFUL CONSIDERATION OF THE ECONOMIC IMPACT, THE
LEGISLATIVE POLICY COMMITTEE MAY APPROVE AN ECONOMIC DEVELOPMENT
OPPORTUNITY THAT DOES NOT MEET THE DEFINITION OF "EXTRAORDINARY
IMPACT" OR CURRENT PERFORMANCE REQUIREMENTS IF THE DEPARTMENT OF
BUSINESS AND ECONOMIC DEVELOPMENT OFFERS A DETAILED JUSTIFICATION FOR
THE EXCEPTION.

(I) THE LEGISLATIVE POLICY COMMITTEE MAY APPROVE AN ECONOMIC
DEVELOPMENT OPPORTUNITY THAT IS NOT AN EXTRAORDINARY ECONOMIC
DEVELOPMENT OPPORTUNITY IF THE EXECUTIVE AGENCY REQUESTING THE TRANSFER
OF FUNDS OFFERS A DETAILED JUSTIFICATTON FOR THE EXCEPTION.

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