Compilation of Rules and Regulations of the State of Georgia › Department 413 - GRANTS OF THE ONEGEORGIA AUTHORITY › Chapter 413-1 - EQUITY FUND › Rule 413-1-.05 - Eligible Activities

Current through Rules and Regulations filed through June 27, 2024
(1) Eligible uses
			 of funds provided under the Equity Fund include those activities and the
			 provision of facilities and services as described in O.C.G.A.
			  50-34-1
et seq
.
			 Such activities include, but are not limited to, the provision of such public
			 infrastructure, services, facilities and improvements as: rail access, road
			 improvements, water and sewer improvements, technology infrastructure, drainage
			 improvements, other public utilities, public facilities and services
			 specifically designed to increase economic opportunities through job training,
			 workforce development, education, workforce housing, and other employment
			 support services, the acquisition, clearance and disposition of real property,
			 site preparation, site improvements, real property rehabilitation, and the
			 provision of planning services and technical assistance.
(2) In addition, the Equity Fund may provide
			 assistance to eligible applicants to finance facilities, projects and project
			 costs for use by businesses and enterprises, purchase or lease of equipment or
			 other assets or any other community or economic development and business
			 assistance activity or purpose identified in O.C.G.A.
			  50-34-1
et seq
.
			 It is important to note that the proposed use of Equity Fund monies will
			 dictate whether the funds can be provided to the applicant to undertake an
			 activity, or whether they will be provided to the applicant but require a loan,
			 lease or other agreement between the applicant and participating business or
			 enterprise.
(3) In general, public
			 acquisition or improvements of public facilities and infrastructure can be
			 undertaken directly by the applicant with Equity Fund monies. Where Equity Fund
			 monies are expended for the public acquisition and/or improvements of privately
			 used land, buildings, machinery and equipment, or other private assets, the
			 financed assets must generally be owned or controlled by the applicant and
			 leased, subleased or sold to the business or enterprise in accordance with
			 O.C.G.A.  36-62-7 and /or O.C.G.A.
			  50-34-6. In order to maximize
			 their competitiveness for public water, wastewater, and solid-waste management
			 projects, applicants are encouraged to discuss their project with the Georgia
			 Environmental Facilities Authority (GEFA) before submitting a proposal to the
			 Authority.
(4) The OneGeorgia
			 Authority reserves the right to establish criteria regarding the nature, types
			 and forms of financial assistance that the Equity Fund provides. In general,
			 assistance will take the form of grants, low-interest loans or loan/grant
			 combinations. The exact structure and amount will be determined by the activity
			 to be financed, the financial capacity of the applicant, business and/or
			 enterprise. Loans will be structured using generally accepted public and
			 private financing instruments and procedures. All recaptured funds must be
			 returned to the OneGeorgia Authority.
O.C.G.A.
				§
										50-34-1
et
				seq
.