Minimum investment to qualify for fee; notice to department of all sponsors or sponsor affiliates with investments subject to fee

# (A)

Except as otherwise provided in Section 12-44-30(19), to be eligible for the fee, a sponsor and each sponsor affiliate must invest the minimum investment as defined in Section 12-44-30(14). For an enhanced investment pursuant to Section 12-44-30(7), a single sponsor must make the investment, unless otherwise provided in that section. The county and the sponsors who are part of the fee agreement may agree that investments by other sponsor affiliates within the investment period qualify for the fee regardless of whether the sponsor affiliate was part of the fee agreement, except that each new sponsor affiliate must invest at least the minimum investment or the enhanced investment if applicable in the project, unless the project is a manufacturing, research and development corporate office, or distribution facility as provided in Section 12-44-30(19). To qualify for the fee, the sponsor affiliates must be approved specifically by the county and must agree to be bound by agreements with the county relating to the fee. These sponsor affiliates are not bound by agreements, or portions of agreements, to the extent the agreements do not affect the county. The investments pursuant to this subsection must be at the sponsor's project. The fee agreement may provide for a process for approval of sponsor affiliates.

# (B)

The department must be notified in writing of all sponsors or sponsor affiliates which have investments subject to the fee before or within ninety days after the end of the calendar year during which the project, or a phase of it, was placed in service. The department may extend the ninety-day period upon written request. Failure to meet this notice requirement does not affect adversely the fee, but a penalty may be assessed by the department for late notification in an amount of ten thousand dollars a month or portion of a month, not to exceed fifty thousand dollars.

Last amended: 1997 Act No. 149, SECTION 1; 2000 Act No. 283, SECTION 3(G), eff May 19, 2000; 2000 Act No. 399, SECTION 3(R)(3), eff August 17, 2000; 2003 Act No. 69, SECTION 3.AAA.1, eff January 1, 2003; 2006 Act No. 384, SECTION 12, eff June 14, 2006; 2010 Act No. 290, SECTION 12, eff January 1, 2011. Editor's Note 2000 Act No. 399, SECTION 3.Z., provides, in pertinent part, as follows: "This section takes effect upon approval by the Governor, or as otherwise stated, except that ... subsection R. applies to

Source: view the official text

In this chapter (18 sections)

Full table of contents →