Oklahoma § 68-2394 - Inducements for tourism attraction projects - Criteria Consultant's report

§ 68-2394. Inducements for tourism attraction projects - Criteria Consultant's report

A. The Executive Director of the Oklahoma Department of

Commerce shall establish standards for the making of applications

for inducements to eligible companies and their tourism attraction

projects by the promulgation of rules in accordance with the

Administrative Procedures Act.

B. With respect to each eligible company making an application

to the Executive Director for inducements, and with respect to the

tourism attraction described in the application, the Executive

Director shall make inquiries and request materials of the applicant

that shall include, but shall not be limited to:

1. Marketing plans for the project that target individuals who

are not residents of this state;

Oklahoma Statutes - Title 68. Revenue and Taxation

2. A description and location of the project including a

description and boundary of the area encompassing the Entertainment

District, if applicable;

3. Capital and other anticipated expenditures for the project

that indicate that the total cost of the project shall exceed the

minimum amount set forth in subsection C of this section and the

anticipated sources of funding therefor, which for an Entertainment

District that is anticipated to be completed in multiple phases may

include capital and other anticipated expenditures for all phases of

the project;

4. The anticipated employment and wages to be paid at the

project, which may include employment and wages to be paid by the

eligible company and any tenants of the tourism attraction project;

5. Business plans which indicate the average number of days in

a year in which the project or any component thereof will be in

operation and open to the public, if applicable; and

6. The anticipated revenues and expenses generated by the

project, which for an Entertainment District may include the

anticipated revenues and expenses generated by each of the different

phases or components of the Entertainment District.

Based upon a review of these materials, if the Executive

Director determines that the eligible company and the tourism

attraction may reasonably be expected to satisfy the criteria for

final approval in subsection C of this section, then the Executive

Director may consider granting a preliminary approval of the

eligible company and the tourism attraction project pursuant to

subsection B of Section 2395 of this title.

C. Except as provided for in subsection D of this section, for

a tourism attraction project, after granting a preliminary approval,

the Executive Director shall require the eligible company to hire a

competent consulting firm which shall submit to the Executive

Director a report analyzing the data made available by the eligible

company and which shall collect and analyze additional information

necessary to determine that, in the independent judgment of the

consultant, the tourism attraction project will:

1. Attract at least twenty-five percent (25%) of its visitors

from among persons who are not residents of this state;

2. Have costs in excess of Five Hundred Thousand Dollars

($500,000.00);

3. Have a significant and positive economic impact on this

state considering, among other factors, the extent to which the

tourism attraction project will compete directly with existing

tourism attractions in this state, and the extent to which the

tourism attraction project will be revenue-neutral to the State of

Oklahoma, meaning the amount by which increased tax revenues from

the tourism attraction project will exceed the inducements allowed

pursuant to Section 2397 of this title;

Oklahoma Statutes - Title 68. Revenue and Taxation

4. Produce sufficient revenues and public demand to be

operating and open to the public on a regular and persistent basis;

and

5. Not adversely affect existing employment in this state.

D. At the request of the eligible company, the Executive

Director may allow the eligible company to hire the Oklahoma

Department of Commerce to prepare the report required in subsection

C of this section.

E. For a tourism attraction project that is an Entertainment

District and is anticipated to be completed in multiple phases, the

required report may include the data and information for the entire

Entertainment District including any and all components or phases of

the Entertainment District and a separate report for each component

or phase of the Entertainment District shall not be required.

F. The eligible company shall pay for the cost of the required

report and shall cooperate with the entity preparing the report and

provide all of the data that the preparing entity deems necessary to

make a determination pursuant to this section. The cost for

preparation of this report by the Oklahoma Department of Commerce

shall be set forth by administrative rules promulgated by the

Department, but in any event shall be a nonrefundable fee of no less

than Five Thousand Dollars ($5,000.00) per report. Payment for

preparation of this report by the Oklahoma Department of Commerce

shall be made by the eligible company to the Department upon

approval of the request, and funds received shall be deposited into

the Oklahoma Department of Commerce Revolving Fund created in

Section 5012 of Title 74 of the Oklahoma Statutes.

Added by Laws 2017, c. 196, § 4, eff. Nov. 1, 2017. Amended by Laws

2019, c. 443, § 2, eff. Nov. 1, 2019; Laws 2021, c. 140, § 2, eff.

Nov. 1, 2021.