Code of Maine Rules › 19 - DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT › 498 - OFFICE OF TOURISM AND COMMUNITY DEVELOPMENT › Chapter 32 - COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM: 2004 FINAL STATEMENT › Section 498-32-3 - ECONOMIC DEVELOPMENT

Current through 2024-29, July 17, 2024
A.
ECONOMIC
				DEVELOPMENT PROGRAM
Funds for economic development activities are provided to
				  communities as
gap
funding to assist businesses in the creation/retention of jobs for low- and
				  moderate-income persons. Economic development programs are offered in the
				  following categories:
Category
Maximum Award
				  Amount
Business Assistance
				  (BA)
$400,000
The BA program provides grants for
gap
financing to assist businesses to create or retain
				  jobs for low and moderate-income persons.
Applications Due:
February 20, 2004, May 21,
				  2004, August 20, 2004
Development Fund (DF)
$250,000
The DF program provides loans for
gap
financing to assist businesses to create or retain
				  jobs for low and moderate-income persons.
Applications Due:
February 20, 2004, May 21,
				  2004, August 20, 2004
Regional Assistance Fund
				  (RAF)
$200,000
The RAF program provides grants for required local match to
				  bring additional money to the State to assist businesses to create or retain
				  jobs for low and moderate-income persons or for eligible economic development
				  planning activities.
Applications Due:
February 20, 2004, May 21,
				  2004, August 20, 2004
1.
Threshold Criteria:
(a)
Project
				Benefit:
Projects must be an eligible economic development planning
				activity in the case of RAF or in all other instances, at a minimum, 51% of all
				jobs created or retained as a result of the project must be taken by persons of
				low and moderate income. Jobs created/retained must be in the community
				applying for the program award, be new jobs to that community, and not be
				associated with any other branches of the assisted business located in another
				community. Transfer positions cannot be counted toward the job
				creation/retention requirements.
In the event that job creation
				requirements are not met, the applicant community will be responsible for
				immediate repayment of all CDBG funds to the State.
(b)
Cost Per Job:
The targeted
				cost per job created or retained with program funds is $10,000.
(c)
Eligible Activities:
The
				eligible activities are as follows:
BA
- acquisition, reconstruction,
				  rehabilitation, or installation of commercial or industrial buildings,
				  structures, capital equipment, and real property improvements.
DF
- acquisition, reconstruction,
				  rehabilitation, or installation of commercial or industrial buildings,
				  structures, capital equipment, real property improvements, personal property
				  and equipment and operating capital.
DF program funds cannot be used to
				  refinance existing debt.
RAF
- provide the required local match necessary
				  to secure new funds to the State for acquisition, reconstruction,
				  rehabilitation, or installation of commercial or industrial buildings,
				  structures, capital equipment, and real property improvements, personal
				  property and equipment and eligible economic development planning
				  activities.