LAC 13:I.4305. Contract Approval

A. Contract. The secretary shall determine the terms and conditions of the contract, including the term, rebate rate, maximum rebate amount, performance obligations and the consequences of any failure to perform such obligations. B. Approval 1. The secretary may request approval of the contract by the Joint Legislative Committee on the Budget upon determining that: a. the business meets all eligibility requirements; b. participation in the program is needed in a highly competitive site selection situation to encourage the business to locate the project in the state; and c. securing the project will result in significant positive economic benefit to the state. 3. The Joint Legislative Committee on the Budget may approve the contract for the business’ participation in the program for an initial term of up to five years, renewable at the discretion of the secretary for up to an additional five years. 4. Upon approval of the contract, LED shall submit a copy of the contract to the Louisiana Department of Revenue.