Oklahoma § 62-2104 - Application form - Approval - Conditions of grant Maximum amount - Matching funds - Time limit for completion of

§ 62-2104. Application form - Approval - Conditions of grant Maximum amount - Matching funds - Time limit for completion of

projects.

A. Communities making application for a grant from the

Industrial Facilities Development Fund shall use a form to be

prescribed by the Oklahoma Department of Commerce.

B. The Department shall have a period of sixty (60) days from

the date an application is received in order to evaluate the

application and to inform the applicant whether the application has

been approved or rejected. If the application is rejected, the

Department shall state the reason for the rejection.

C. 1. Upon approval of an application, the Department shall

cause the amount of the grant to be paid to the applicant. All

grants made pursuant to this act shall be paid to the community and

shall not be paid directly to the legal entity engaged in the

manufacturing activity.

2. The grant may only be used for the development,

construction, or improvement of that portion of the project that

will be owned by the community or a public trust of which the

community is the beneficiary. Provided, however, the community or

the public trust, as the case may be, may enter into a lease

agreement with an establishment for long-term usage of any portion

of the project funded through a grant made pursuant to this act.

D. No community shall be eligible for an award of a grant in

excess of One Hundred Fifty Thousand Dollars ($150,000.00) in any

one (1) fiscal year.

E. The community making application for a grant shall

demonstrate in the application either that the community has already

acquired at least twenty-five percent (25%) of the funds required

for the total project cost or that a legally enforceable commitment

exists as of the application date which will result in the receipt

of at least twenty-five percent (25%) of the funds required for the

total project cost within ninety (90) days from the date the

application is received.

F. Any project for which a grant is provided from the

Industrial Facilities Development Fund shall be completed within six

(6) months from the date the grant is paid to the applicant pursuant

to this section. If an industrial facility has not been completed

within the time period prescribed by this subsection, the grant paid

Oklahoma Statutes - Title 62. Public Finance

to the applicant shall be repaid to the Department and shall be

redeposited into the Industrial Facilities Development Fund.

Added by Laws 1998, c. 252, § 4, eff. Nov. 1, 1998.