Louisiana Administrative Code › Title 13 - ECONOMIC DEVELOPMENT › Part V - Office of the Secretary › Chapter 2 - Governor's Economic Development Rapid Response Program › Section V-203 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The following
				definitions shall be applicable to this program.
Applicant
- the company or business entity,
				  that pursuant to applicable Louisiana law, is duly authorized to do business in
				  Louisiana and is in good standing as certified by the office of the Louisiana
				  Secretary of State and/or any public entity requesting financial assistance
				  from the state under this program that represents the set of circumstances
				  through which funding may be applicable under these rules.
Award
-funding of financial assistance, which
				  may include a performance-based grant, loan, and/or loan guaranty, for eligible
				  applicants under this program.
Award Agreement
-the agreement or contract
				  hereinafter referred to between the company and/or the public entity, and LED
				  through which, by cooperative endeavor agreement, loan guaranty agreement, or
				  otherwise, the parties set forth the amount of the grant, loan or loan guaranty
				  award, the terms, conditions and performance objectives of the award provided
				  pursuant to these rules.
Company
- a company or other business entity,
				  duly authorized to do business in Louisiana and in good standing as certified
				  by the Louisiana Secretary of State, that pursuant to these rules may be
				  eligible to seek the funding of a project under this program.
Default
-the failure to perform a task, to
				  fulfill an obligation, or to do what is required; the failure to create new
				  jobs or the number of new jobs as agreed, to employ or to retain the employment
				  of the number of employees as agreed, or to maintain the compensation or
				  payroll levels as agreed; the failure to pay or to repay the loan or interest
				  due thereon as agreed; or the failure to meet a financial obligation.
Department
-the Louisiana Department of
				  Economic Development.
Economic Development Project
- the
				  undertaking for which an award is granted, under the circumstances presented,
				  that provides the opportunity for immediate funding of a project or portion of
				  a project that will serve to finalize the commitment of a business entity for
				  the creation and/or retention of jobs in Louisiana.
Jobs
-refers to permanent full-time jobs,
				  being direct jobs which are not contract jobs, that are permanent and not
				  temporary in nature, requiring employees to work an average of 30 or more hours
				  per week. Also includes the term
permanent full-time equivalent
				  jobs
.
LED
-the Louisiana Department of Economic
				  Development.
Program
- the Governor's Economic Development
				  Rapid Response Program that is undertaken and administered, overseen or
				  supervised by LED, pursuant to these rules and an award agreement with the
				  applicant after becoming an award recipient that serves the purposes of
				  obtaining or retaining an Economic Development Project.
Project
- economic activity that, in whole or
				  in part, as determined appropriate by the Secretary of Economic Development and
				  the governor of Louisiana, will result in the creation and/or retention of jobs
				  and for which assistance is requested under this program as a decisive
				  influence in the decision of an entity to locate in Louisiana, maintain or
				  expand its Louisiana operations, or increase its capital investment in
				  Louisiana in such a manner that will create and/or retain jobs.
Public Entity-
the public or quasi-public
				  entity that:
a. pursuant to these rules, may be eligible to seek funding,
				  through a grant, a loan or a loan guaranty, for a project; or
b. that may, with a company, apply for funding through a
				  grant, a loan or a loan guaranty pursuant to these rules; or
c. that, pursuant to the request of LED, may be responsible
				  for engaging in the award agreement and thereby responsible for the performance
				  and oversight of the project and for supervising with LED the company's
				  compliance with the terms, conditions and performance objectives of the award
				  agreement.
Secretary
- the Secretary of the Louisiana
				  Department of Economic Development.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  36:104 and
				  36:108.