reglab/statecodes huggingface dataset:
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:19 - Equity contribution

Current through Register Vol. 51, page 10, July 15, 2024
An applicant shall provide an equity contribution of at least 10 percent of the total cost of the study. The requirement may be waived by a two-thirds affirmative vote of the members of the board present and voting if the equity contribution is not necessary to secure the interests of the board. In-kind contributions and completed work may be applied toward the equity contribution if, in the judgment of the board, such in-kind contributions and work completed contribute substantially to the study. The applicant shall provide proof of the existence or availability of the equity contribution.
General Authority:
SDCL  1-16G-5,  1-16G-8(10).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(10), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:20 - Uses of loan proceeds - Board-funded study

Current through Register Vol. 51, page 10, July 15, 2024
Loan proceeds may be used for salaries, consultant contracts, supplies, and necessary services for studies, and for other purposes not listed in this section as may be individually approved by the board. Loan proceeds may not be used to finance or refinance existing debt; for the purchase of land, site development or improvement; for the construction, purchase, or installation of equipment; or for other fees, services, and costs related to the construction of the project. No more than once per fiscal year, the board may commission a study and pay the entire cost of the study from VASF if it determines that doing so may avoid duplication of effort or will serve an unmet need. The cost to the VASF of a board-commissioned study may not exceed $100,000.
General Authority:
SDCL  1-16G-5,  1-16G-8(9), 1-16G-28(3)(4).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(9), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:21 - Factors for board action

Current through Register Vol. 51, page 10, July 15, 2024
When making a decision on an application, the board may, in addition to other factors necessary to make a prudent loan decision, consider the following:
(1) The concept is new technology or a new application of existing technology with a reasonable assurance that the concept will work;
(2) Preliminary market and feasibility research has been conducted by the applicant or others, and there is a reasonable assurance of a potential market;
(3) The applicant has demonstrated the ability to manage the commercialization of the concept and has prepared a commercialization development plan;
(4) There is favorable community support for the project;
(5) There are favorable recommendations for the project from local economic development groups, university-based technical specialists, or other qualified service providers;
(6) There are adequate references available to determine the applicant's qualifications and background;
(7) The applicant demonstrates a personal commitment to the project;
(8) The capacity of the applicant to repay a loan if awarded, including the amount of the loan, the economic feasibility of the project and product; the ability of the applicant to service the debt from cash flow of operations, capital, or collateral; the review of the financial status of the project, business plan, and applicant; the satisfaction of engineering, legal and environmental regulations; and the availability of necessary utilities;
(9) The amount, terms, and conditions of the loan, if awarded, and compatibility with the needs of the business and the VASF;
(10) There is an adequate and realistic budget projection;
(11) Compatibility with economic development plans of the area and state; and
(12) The balance remaining in the VASF.
General Authority:
SDCL  1-16G-5,  1-16G-8(8).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(8), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:22 - Board action on applications

Current through Register Vol. 51, page 10, July 15, 2024
Within 30 days after GOED receives a completed application, the board shall either approve the application as requested, disapprove the application for modification, approve the application contingent on realization of certain defined conditions, or disapprove the application. The board may extend the time for consideration of an application for up to 50 additional days by advising the applicant of the extension.
General Authority:
SDCL  1-16G-5,  1-16G-8(7).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(7), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:23 - Acceptance and time restrictions of applicant

Current through Register Vol. 51, page 10, July 15, 2024
The applicant must comply with any conditions required by the board before the application is approved. Within sixty days after official loan approval by the board, the applicant must accept the approval in writing or the approval is void. Within six months after written acceptance, the applicant must commence the study. Final disbursement of the loan proceeds must be made within one year after approval by the board. The board or credit committee may extend the time for completion of the study and the final disbursement of loan proceeds if mitigating circumstances prevent the completion of the study and the applicant has made a diligent effort so to do. The applicant shall submit any request for extension by the monthly application deadline prior to the expiration of the one year period for completion of the study. The board or credit committee as defined in §
									68:02:01:33  may establish the length of the extension, if any, period based on the mitigating circumstances.
General Authority:
SDCL  1-16G-5,  1-16G-8(10), 1-16G-28(4).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(10), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:24 - Review of financial status

Current through Register Vol. 51, page 10, July 15, 2024
After the loan is approved but before the loan is closed, the board or GOED may conduct an overall review of the applicant's financial status. This review may include an analysis of all assets and liabilities and an analysis of the applicant's ability to repay the loan and comply with the loan covenants. The board may withdraw the commitment at any time if a material adverse change occurs.
General Authority:
SDCL  1-16G-5,  1-16G-8(7)(10).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(7)(10), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:25 - Loan documents

Current through Register Vol. 51, page 10, July 15, 2024
After an application for a loan is approved, the board shall execute a loan agreement with the borrower. The loan agreement shall contain the rights and responsibilities of the parties and the terms and conditions of the loan. The requirements to secure the loan shall be included in the loan agreement. A loan may be secured or unsecured. A secured loan may be secured by a lien on the interest of the borrower in real and personal property, whether tangible or intangible, considered necessary by the board to adequately collateralize the loan.
General Authority:
SDCL  1-16G-5,  1-16G-8(10).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(10), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:26 - Reporting

Current through Register Vol. 51, page 10, July 15, 2024
The borrower shall submit to the board quarterly reports describing progress on the study, including compliance with the time line and budget contained in the application. Any material deviation from any condition imposed by the board or in the loan agreement may result in the withholding of further funding or the declaration of a default. The borrower shall submit a final written report describing the work performed, results obtained, and potential economic impact within 90 days of completion of the study.
General Authority:
SDCL  1-16G-5,  1-16G-8(5).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(5), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:27 - Inspection by the board and retention of records

Current through Register Vol. 51, page 10, July 15, 2024
All financial documents, books, receipts, orders, expenditures, electronic data, and accounting procedures and practices of the borrower are subject to examination by or for the board at any time for three years following the completion of the study or for the life of the loan, whichever period is greater.
General Authority:
SDCL  1-16G-5,  1-16G-8(5).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(5), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:28 - Additional notification requirements

Current through Register Vol. 51, page 10, July 15, 2024
The borrower shall provide the board with written notice within 10 business days of any change in top level management of the borrower's business or of any plan for sale, public offering, or lease of the business. Any sale, public offering, or lease of the business requires the prior written approval of the board. If the notification and prior approval requirements of this section are not satisfied, the board may declare the loan immediately due and payable.
General Authority:
SDCL  1-16G-5,  1-16G-8(5).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(5), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:29 - Maturity and interest rate

Current through Register Vol. 51, page 10, July 15, 2024
Unless different terms are established upon the affirmative vote of two-thirds of the members of the board present and voting, the maturity date of the VASF loan may not be more than six years from the date of the final disbursement of loan proceeds, with regular payments amortized over not more than 20 years from the date of final disbursement of loan proceeds. The first payment shall be due one year from the date of the final disbursement of loan proceeds. The borrower may request an extension of the date of the first payment, but the extension will not act to extend the final maturity date. The application for an extension must be submitted by the monthly loan application deadline prior to the first payment date.
The standard interest rate for VASF loans shall be established by the board from time-to-time and published on the GOED website. The board may deviate from the standard interest rate based on the economic impact of the project, risk, and other prudent lending criteria.
The board shall consider the following when establishing the standard interest rate:
(1) State and national market interest rates;
(2) State and national economic conditions;
(3) The solvency and balance of the VASF; and
(4) Other economic or business information necessary to fulfill the board mission and to develop and promote South Dakota value-added agricultural products.
The borrower is responsible for arranging other financing when the VASF loan is due. If the borrower is unable to obtain financing, the borrower may apply for an extension of the loan by the board at an interest rate and term established by the board. The borrower shall submit any application for an extension by the monthly loan application deadline prior to the loan maturity date.
General Authority:
1-16G-5, 1-16G-8(10)(11).
Law Implemented:
1-16G-5, 1-16G-8(10)(11), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:30 - Loan forgiveness

Current through Register Vol. 51, page 10, July 15, 2024
Upon the borrower's written petition and a showing of good cause, the board may forgive all or part of a VASF loan upon terms and conditions established by the board. When determining whether to forgive all or any part of a VASF loan, the board shall consider the following:
(1) Whether the study deemed the project to be feasible;
(2) Whether the borrower has proceeded or intends to proceed with the project;
(3) Whether the borrower has acted in conformity with the terms of the loan agreement and applicable law, including this chapter; and
(4) Whether the borrower has acted in good faith in connection with the application, the project, the loan, and the decision not to proceed with the project.
A petition for loan forgiveness shall be accompanied by the original and all copies of the study and related documents, including any related business plan. If the loan is forgiven in whole or in part, all right, title, and interest in the study, including the exclusive right to use the study and any business plan associated with the study, becomes the property of the board.
General Authority:
SDCL  1-16G-5,  1-16G-8(10)(11).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(10)(11), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:31 - Default

Current through Register Vol. 51, page 10, July 15, 2024
If the borrower violates any of the terms of the loan agreement, the other loan documents, this chapter, or other applicable law, the board may declare the loan in default. Upon default, the board may do one or more of the following:
(1) Declare the entire principal amount then outstanding and interest accrued thereon immediately due and payable;
(2) Increase the interest rate to the default rate established in the loan documents;
(3) Take possession of the study or other collateral;
(4) Repair, maintain, and operate the collateral, or sell, lease, or otherwise dispose of the collateral to another person or entity; or
(5) Take any other action considered appropriate by the board to protect the interest of the board and the VASF.
General Authority:
SDCL  1-16G-5,  1-16G-8(10)(11).
Law Implemented:
SDCL  1-16G-1.1(6),  1-16G-5,  1-16G-8(10)(11), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:32 - Delegation of administrative functions

Current through Register Vol. 51, page 10, July 15, 2024
The GOED shall perform the administrative functions of the creation, processing, and review of loan applications; the preparation and negotiation of loan agreements; the review of the financial status of an applicant; loan servicing; and other functions necessary to expedite and assist it in the performance of its duties. Notwithstanding any assurance, guarantee, communication, or representation made to the contrary, there is no commitment of the VASF without specific authorization by the board. Only the board may make a loan award from the VASF to an applicant.
General Authority:
SDCL  1-16G-5,  1-16G-8(5)(7).
Law Implemented:
SDCL  1-16G-5, 1-52-3.2, 1-52-3.3, 1-52.5.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:33 - Official forms

Current through Register Vol. 51, page 10, July 15, 2024
The board may from time-to-time establish official forms of loan documents, including a loan agreement, promissory note, mortgage, security agreement, employment agreement, and such other documents, certifications, and agreements as the board deems necessary and appropriate. GOED may consent on behalf of the board on a case-by-case basis to any non-substantive modification or to any modification necessary to conform the official forms to the terms of the loan as established by the board.
General Authority:
SDCL  1-16G-5,  1-16G-8(10).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(10), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:34 - Conflict of interest

Current through Register Vol. 51, page 10, July 15, 2024
No member of the board or GOED staff may participate in or vote upon a decision of the board relating to an application or loan servicing action relating to a borrower in which that individual has a direct personal or financial interest.
General Authority:
SDCL  1-16G-5,  1-16G-8(7).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(7), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:35 - Confidentiality

Current through Register Vol. 51, page 10, July 15, 2024
The board and GOED shall, to the extent it constitutes or contains trade secrets or commercial or financial information relating to the operations of an applicant or borrower, maintain as confidential any documents, materials, information, or data received or generated by the board or GOED in connection with a proposed or pending application for a VASF loan or an existing VASF loan. If requested by the applicant, the fact that an application has been proposed or is pending shall be maintained as confidential until such time as the application is presented to the board for approval.
General Authority:
SDCL  1-16G-5,  1-16G-8(7).
Law Implemented:
SDCL  1-16G-5,  1-16G-11.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:02 - Value-added agriculture subfund › Section 68:02:02:36 - Pre-existing loans

Current through Register Vol. 51, page 10, July 15, 2024
Any loan made prior to September 13, 2007, shall be administered based upon the law in effect at the time the loan was approved by the board.
General Authority:
SDCL  1-16G-5,  1-16G-8(10).
Law Implemented:
SDCL  1-16G-5,  1-16G-8(10), 1-16G-25 to 1-16G-27, inclusive.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms defined in SDCL  1-16G-56 have the same meaning in this chapter. In addition, terms used in this chapter mean:
(1) "Applicant," any person that has completed an application for a reinvestment payment from the reinvestment payment fund;
(2) "Reinvestment payment," a payment disbursed from the reinvestment payment fund in accordance with this chapter;
(3) "Reinvestment payment fund," a fund established in the state treasury for the purpose of making reinvestment payments pursuant to SDCL  1-16G-64.
General Authority:
SDCL  1-16G-8,  1-16G-67.
Law Implemented:
SDCL  1-16G-8,  1-16G-56,  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:02 - Eligibility

Current through Register Vol. 51, page 10, July 15, 2024
If the project costs for a new and expanded facility exceed the amounts specified in SDCL  1-16G-57, a person may apply for a reinvestment payment pursuant to this chapter. The person shall:
(1) Timely file an application with GOED as required by SDCL  1-16G-58;
(2) Request the board take action to approve or deny its application for reinvestment payment pursuant to §
									68:02:07:05;
(3) Accept the board's approval and receive a permit from GOED pursuant to §
									68:02:07:06;
(4) Timely file an affidavit for reinvestment payment with GOED as required by §
									68:02:07:10; and
(5) Otherwise comply with the conditions, restrictions, and limitations imposed by this chapter.
General Authority:
SDCL  1-16G-8(6),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(6),  1-16G-57,  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:03 - Reinvestment payment

Current through Register Vol. 51, page 10, July 15, 2024
The board may approve a reinvestment payment pursuant to SDCL  1-16G-59 as it deems appropriate based on the criteria set forth in this chapter.
General Authority:
SDCL  1-16G-8(9),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(9),  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:04 - Criteria

Current through Register Vol. 51, page 10, July 15, 2024
When making a decision on an application, the board shall, in addition to the factors required by SDCL  1-16G-59, consider the following:
(1) Economic impact of primary jobs created or retained by the project;
(2) Net economic effects of increasing or stabilizing the economy on the community, area, and state;
(3) Competitive effect of the project on existing businesses;
(4) The effect of the project on the environment, health, and safety of the people in the community, area, and state;
(5) Compatibility of the project with economic development plans of the area and state;
(6) Type of project;
(7) Infrastructure needed to support the project;
(8) Impact of the project on the property tax base;
(9) Projected payroll, pay structure, and employee benefit structure;
(10) Number of jobs created or retained by the project;
(11) The potential success of the project and the potential for creating quality jobs and the growth of those jobs; and
(12) The character, experience, management record, and background of the applicant.
General Authority:
SDCL  1-16G-8(8),  1-16G-59,  1-16G-67.
Law Implemented:
SDCL  1-16G-8(8),  1-16G-59,  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:05 - Board action on application

Current through Register Vol. 51, page 10, July 15, 2024
After GOED has received the completed application, the applicant may make a written request to GOED for the board to take action on the application. If requested by the applicant, the fact that an application has been proposed or is pending must be maintained as confidential until such time as the applicant makes a written request for the board to take action on the application. At the next regular meeting that is more than 15 days after the request to take action or within 60 days of the request, whichever is sooner, the board shall approve the application as requested, approve the application contingent on the realization of certain defined conditions, or disapprove the application. If the application is disapproved, the reasons shall be transmitted to the applicant in writing. An applicant whose application has been disapproved may submit another application that addresses the reason for disapproval. The board may extend the time for consideration of an application for up to 50 additional days by advising the applicant of the extension in writing. No action may be taken by the board on any application submitted to GOED until requested in writing by the applicant. Any official action on the application shall be taken in open session.
General Authority:
SDCL  1-16G-8(7),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(7),  1-16G-57,  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:06 - Acceptance and permit

Current through Register Vol. 51, page 10, July 15, 2024
Within 90 days of board approval of the application, the applicant shall accept the approval in writing or the approval is void. At the time of acceptance, the applicant shall either show it has complied with any conditional requirements imposed by the board, or agree in writing to comply with any such conditions prior to issuance of the reinvestment payment. Within 30 days after written acceptance is received, GOED shall issue a permit entitling the applicant to submit an affidavit for reinvestment payment. If an application for modification is approved by the board after GOED has issued a permit to the applicant, GOED shall issue a modified permit consistent with the approved application for modification.
General Authority:
SDCL  1-16G-8(7)(11),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(7)(11),  1-16G-60,  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:07 - Conditions of reinvestment payment

Current through Register Vol. 51, page 10, July 15, 2024
At the time the board takes action on an application, the board may impose requirements relating to employment, including the number of jobs created and the wages and benefits paid. The board may also place conditions upon the board's approval to ensure the project as completed is substantially similar to the project described in the application and that the capital expenditures made in connection with the project are substantially similar to those described in the application. The applicant shall notify the GOED in writing within 30 days of the construction date to indicate the project has commenced.
General Authority:
SDCL  1-16G-8(11),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(11),  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:08 - Application for modification

Current through Register Vol. 51, page 10, July 15, 2024
If after receiving board approval of its application, a material change occurs in the information contained in the approved application, the applicant may apply to modify its approved application. The board may approve the application for modification as requested, disapprove the application for modification, approve the application for modification contingent on the realization of certain defined conditions, or disapprove the application for modification. If the application for modification is disapproved, the reasons shall be transmitted to the applicant in writing. An applicant whose application for modification has been disapproved may submit another application for modification that addresses the reason for disapproval.
General Authority:
SDCL  1-16G-8(7),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(7),  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:09 - Time restrictions on applicant

Current through Register Vol. 51, page 10, July 15, 2024
The construction date must be no later than six months after receiving a permit from GOED, however, the board may extend the time for the construction date at the time the board approves the application if the request has been made in writing by the applicant, or at a later date if mitigating circumstances prevent the applicant from meeting the construction date deadline and the applicant has made diligent effort to meet the construction date deadline established pursuant to this section.
Any request for extension of the time to complete the project pursuant to SDCL  1-16G-62 must state the grounds for the requested extension and must be received by GOED within two years and nine months from the date of construction.
General Authority:
SDCL  1-16G-8(7)(11),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(7)(11),  1-16G-62,  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:10 - Affidavit for reinvestment payment

Current through Register Vol. 51, page 10, July 15, 2024
The affidavit required by SDCL  1-16G-61 shall be made in the form prescribed by the commissioner and shall include a statement that the project, as completed, substantially conforms to the project described in the original application or as modified pursuant to §
									68:02:07:08. The affidavit shall be filed within the time allowed pursuant to SDCL  1-16G-62.
General Authority:
SDCL  1-16G-8(7)(11),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(7)(11),  1-16G-61,  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:11 - Payment

Current through Register Vol. 51, page 10, July 15, 2024
Within 90 days of receiving the completed affidavit for reinvestment payment and a determination by GOED that all terms and conditions imposed pursuant to this chapter have been met, GOED shall tender the reinvestment payment to the project owner or the project owner's assignee. If the project owner or assignee has granted a security interest in the expectation of receipt of the reinvestment payment, payment shall be made jointly-payable to the project owner or assignee and the holder of the security interest.
General Authority:
SDCL  1-16G-8(9),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(9),  1-16G-63,  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:12 - Delegation of administrative functions

Current through Register Vol. 51, page 10, July 15, 2024
The GOED shall perform the administrative functions of the creation, processing, and review of reinvestment payment applications; the creation, processing, and review of documentation necessary to evidence compliance with the terms and conditions of the reinvestment payment and the requirements of this chapter; disbursement of reimbursement payments in accordance with conditions imposed pursuant to this chapter; and other tasks necessary to expedite and assist the board in the board's duties. Notwithstanding any assurance, guarantee, communication, or representation made to the contrary, there is no commitment of the reinvestment payment fund without specific authorization by the board. Only the board may approve a reinvestment payment from the reinvestment payment fund.
General Authority:
SDCL  1-16G-8(5)(7),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(5)(7),  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:13 - Access and reporting

Current through Register Vol. 51, page 10, July 15, 2024
An applicant shall grant GOED reasonable access to the project and to applicant's records, and provide such information, documentation and reports as GOED may require, for the purpose of determining compliance with the conditions of the reinvestment payment and of this chapter.
General Authority:
SDCL  1-16G-8(5)(11),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(5)(11),  1-16G-61,  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:14 - Default

Current through Register Vol. 51, page 10, July 15, 2024
Any of the following constitutes a default upon the condition of a reinvestment payment:
(1) If the person filing the affidavit for reinvestment payment knowingly makes any material false statement or report in the affidavit for reinvestment payment;
(2) Failure to adhere to the conditions of the reinvestment payment;
(3) Repealed failure by the applicant to provide access to the project or related documents or to provide the reports and other information required by this chapter; or
(4) Failure of the applicant to remain current on its tax obligations to the State of South Dakota. However, for the purposes of this section, the applicant is not deemed delinquent on its tax obligations to the State of South Dakota if the applicant is currently disputing its tax obligation in accordance with the appeal procedures provided by law.
General Authority:
SDCL  1-16G-8(9)(11),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(9)(11),  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:15 - Remedies

Current through Register Vol. 51, page 10, July 15, 2024
If there is a default pursuant to §
									68:02:07:14  as determined by the board, within thirty days of written demand from the board, the project owner shall repay to GOED the reinvestment payment disbursed to the project owner. In addition to any other action considered appropriate by the board to protect the interest of the board and the reinvestment payment fund, the board may retain counsel and commence a civil action to recover any reinvestment payment proceeds that the project owner is required to repay.
General Authority:
SDCL  1-16G-67.
Law Implemented:
SDCL  1-16G-1.1(5)(7),  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:07 - Reinvestment payment program › Section 68:02:07:16 - Conflicts of interest

Current through Register Vol. 51, page 10, July 15, 2024
No member of the board or the GOED staff may participate in or vote upon a decision of the board concerning an application relating to a project in which that member has a direct personal or financial interest.
General Authority:
SDCL  1-16G-8(7),  1-16G-67.
Law Implemented:
SDCL  1-16G-8(7),  1-16G-67.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms used in this chapter mean:
(1) "Applicant," any nonprofit development corporation, tribal government, or any municipality, county, or other political subdivision of this state that has completed an application for an economic development partnership grant from the economic development partnership fund;
(2) "Board," the Board of Economic Development;
(3) "Commissioner," the commissioner of the Governor's Office of Economic Development;
(4) "GOED," the Governor's Office of Economic Development;
(5) "Economic development partnership grant," a grant disbursed from the economic development partnership fund in accordance with this chapter;
(6) "Economic development partnership fund," a fund established in the state treasury for the purpose of making grants in accordance with this chapter.
General Authority:
SDCL  1-16G-8,  1-16G-55.
Law Implemented:
SDCL  1-16G-8,  1-16G-51,  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:02 - Eligibility and permitted uses

Current through Register Vol. 51, page 10, July 15, 2024
Any nonprofit development corporation, tribal government, or any municipality, county, or other political subdivision of this state may apply for an economic development partnership grant pursuant to this chapter. Economic development partnership grants are awarded on a matching basis as determined by the board. Grant funds may be utilized for the purposes set forth in SDCL  1-16G-52. The applicant shall timely file an application with GOED as required by §§
									68:02:08:03  and 68:02:08:04  and otherwise comply with the requirements, conditions, restrictions, and limitations imposed by this chapter.
General Authority:
SDCL  1-16G-8(6),  1-16G-55.
Law Implemented:
SDCL  1-16G-8(6),  1-16G-51,  1-16G-52,  1-16G-53,  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:03 - Application

Current through Register Vol. 51, page 10, July 15, 2024
Each application shall be made on the form prescribed by the commissioner, be signed by a duly authorized representative of the applicant, and submitted to GOED. The application shall be executed under penalties of perjury.
General Authority:
SDCL  1-16G-8(7),  1-16G-55.
Law Implemented:
SDCL  1-16G-8(7),  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:04 - Application periods

Current through Register Vol. 51, page 10, July 15, 2024
The board shall consider applications on a quarterly basis. Any application received by July 31st shall be considered by the board at the board's September meeting; any application received by October 31st shall be considered by the board at the board's December meeting; any application received by January 31st shall be considered by the board at the board's March meeting; and any application received by April 30th shall be considered by the board at the board's June meeting. If the board does not meet in any of the months designated by this section, the board shall consider any application at its next scheduled meeting.
General Authority:
SDCL  1-16G-8(7),  1-16G-55.
Law Implemented:
SDCL  1-16G-8(7),  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:05 - Economic development partnership grant award

Current through Register Vol. 51, page 10, July 15, 2024
The board may award an economic development partnership grant as it deems appropriate based on the criteria set forth in this chapter.
General Authority:
SDCL  1-16G-8(8)(9),  1-16G-55.
Law Implemented:
SDCL  1-16G-8(8)(9),  1-16G-51,  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:06 - Criteria

Current through Register Vol. 51, page 10, July 15, 2024
When making a decision on an application, the board shall consider the character, experience, management record, and background of the applicant and the likelihood the grant award will result in:
(1) High quality employment opportunities;
(2) Repopulation;
(3) Stronger economies;
(4) Housing development;
(5) Business growth;
(6) Support for entrepreneurship; or
(7) Job creation, expansion, and retention.
General Authority:
SDCL  1-16G-8(8),  1-16G-55.
Law Implemented:
SDCL  1-16G-8(8),  1-16G-52,  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:07 - Conditions of economic development partnership grant

Current through Register Vol. 51, page 10, July 15, 2024
The board may place conditions on any economic development partnership grant issued under this chapter in order to ensure substantial conformity with the representations contained in the application and the criteria described in §
									68:02:08:06  under which the grant was awarded.
General Authority:
SDCL  1-16G-8(11),  1-16G-55.
Law Implemented:
SDCL  1-16G-8(11),  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:08 - Payment

Current through Register Vol. 51, page 10, July 15, 2024
GOED shall tender payment of any economic development partnership grant awarded under this chapter within 30 days of the applicant providing the documentation required by GOED to establish it has complied with the terms and conditions imposed pursuant to this chapter.
General Authority:
SDCL  1-16G-8(9),  1-16G-55.
Law Implemented:
SDCL  1-16G-8(9),  1-16G-51,  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:09 - Delegation of administrative functions

Current through Register Vol. 51, page 10, July 15, 2024
The GOED shall perform the administrative functions of the creation, processing, and review of economic development partnership applications; the creation, processing, and review of documentation necessary to evidence compliance with the terms and conditions of the economic development partnership grant and the requirements of this chapter; disbursement of economic development partnership grants in accordance with conditions imposed pursuant to this chapter; and other tasks necessary to expedite and assist the board in the board's duties. Notwithstanding any assurance, guarantee, communication, or representation made to the contrary, there is no commitment of the economic development partnership fund without specific authorization by the board. Only the board may approve an economic development partnership grant from the economic development partnership fund.
General Authority:
SDCL  1-16G-8(5)(7),  1-16G-55.
Law Implemented:
SDCL  1-16G-8(5)(7),  1-16G-51,  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:10 - Access and reporting

Current through Register Vol. 51, page 10, July 15, 2024
An applicant shall grant GOED reasonable access to the applicant's records, and provide such information, documentation and reports as GOED may require, for the purpose of determining compliance with the conditions of the economic development partnership grant and of this chapter.
General Authority:
SDCL  1-16G-8(5)(11),  1-16G-55.
Law Implemented:
SDCL  1-16G-8(5)(11),  1-16G-51,  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:11 - Default

Current through Register Vol. 51, page 10, July 15, 2024
Any of the following constitutes a default upon the conditions of an economic development partnership grant:
(1) If the applicant knowingly makes any material false statement or report in the application;
(2) Failure to secure the required matching funds for the economic development partnership grant;
(3) Failure to adhere to the conditions of the economic development partnership grant; or
(4) Repeated failure by the applicant to provide access to documents or to provide the reports and other information required by this chapter.
General Authority:
SDCL  1-16G-8(9)(11),  1-16G-55.
Law Implemented:
SDCL  1-16G-8(9)(11),  1-16G-51,  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:12 - Remedies

Current through Register Vol. 51, page 10, July 15, 2024
If there is a default pursuant to §
									68:02:08:11  as determined by the board, within thirty days of written demand from the board, the applicant shall repay to GOED the economic development partnership grant disbursed to the applicant. In addition to any other action considered appropriate by the board to protect the interest of the board and the economic development partnership fund, the board may retain counsel and commence a civil action to recover any economic development partnership grant proceeds that the applicant is required to repay.
General Authority:
SDCL  1-16G-8(11),  1-16G-55.
Law Implemented:
SDCL  1-16G-1.1(5)(7),  1-16G-8(11),  1-16G-51,  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:08 - Economic development partnership program › Section 68:02:08:13 - Conflicts of interest

Current through Register Vol. 51, page 10, July 15, 2024
No member of the board or the GOED staff may participate in or vote upon a decision of the board concerning an application in which that member has a direct personal or financial interest.
General Authority:
SDCL  1-16G-8(7),  1-16G-55.
Law Implemented:
SDCL  1-16G-8(7),  1-16G-55.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:09 - Local infrastructure improvement program › Section 68:02:09:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms used in this chapter mean:
(1) "Applicant," any political subdivision of this state, tribal government, or local economic development corporation that has completed an application for a local infrastructure improvement grant from the local infrastructure improvement grant fund;
(2) "Board," the Board of Economic Development;
(3) "Commissioner," the commissioner of the Governor's Office of Economic Development;
(4) "GOED," the Governor's Office of Economic Development;
(5) "Local infrastructure improvement grant," a grant disbursed from the local infrastructure improvement grant fund in accordance with this chapter;
(6) "Local infrastructure improvement grant fund," a fund established in the state treasury for the purpose of making grants in accordance with this chapter.
General Authority:
SDCL  1-16G-8,  1-16G-54.
Law Implemented:
SDCL  1-16G-8,  1-16G-50,  1-16G-54.
South Dakota Administrative Rules › Title 68 - Tourism and State Development › Article 68:02 - Board of economic development › Chapter 68:02:09 - Local infrastructure improvement program › Section 68:02:09:02 - Eligibility and permitted uses

Current through Register Vol. 51, page 10, July 15, 2024
Any political subdivision of this state, tribal government, or local development corporation may apply for a local infrastructure improvement grant pursuant to this chapter for the purposes described in SDCL  1-16G-50. The applicant shall timely file an application with GOED as required by §§
									68:02:09:03  and 68:02:09:04  and otherwise comply with the requirements, conditions, restrictions, and limitations imposed by this chapter.
General Authority:
SDCL  1-16G-8(6),  1-16G-54.
Law Implemented:
SDCL  1-16G-8(6),  1-16G-50,  1-16G-54.