Oklahoma § 74-5076 - Application to become sponsor

§ 74-5076. Application to become sponsor

A. Any company or association proposing to qualify as a sponsor

under this act shall file an application with the Director of the

Oklahoma Department of Commerce for approval. The application shall

contain such information as the Director may by regulation require,

and shall specifically acknowledge applicant's agreement to be bound

by the conditions set forth in rules and regulations issued pursuant

to this section. Each applicant also shall demonstrate:

1. That a facility exists that can be transformed into an

incubator at a specified cost;

2. The ability directly to provide, or arrange for the

provision of, business development services for tenants of the

incubator. These services shall include, but not be limited to,

financial consulting assistance, management and marketing

assistance, and physical services;

3. A potential for sustained use of the incubator facility by

eligible tenants, through a market study and other means; and

4. The ability to manage and operate the incubator facility in

accordance with Section 7 of this act.

B. In determining whether to approve an application for

qualification as a sponsor, the Director shall consider:

1. The ability of the sponsor to carry out the provisions of

Section 7 of this act;

2. The economic impact of the incubator on the community;

3. The incubator's conformance with state, areawide and local

economic development plans if such exist; and

4. The location of the incubator, in order to encourage

geographic distribution of incubators across the state.

Added by Laws 1987, c. 228, § 6, eff. Jan. 1, 1988.