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(a) In addition to the recommendation that the Alaska Industrial Development and Export Authority provides under AS 45.81.020 (a)(5), the department will consider each of the following guidelines in determining whether to award a new business incentive grant:
(1) for a new business or new branch of a business located in a municipality, the amount or extent of support or financial incentives to be provided by that municipality;
(2) the number and quality of jobs in the state that are likely to be generated directly or indirectly as a result of the new business or new branch.
(b) If the department determines the application does not meet the requirements of AS 45.81 and this chapter, the department will return the application to the applicant with an explanation of the deficiency, and will suspend further processing of the application until the deficiency is addressed.
(c) After approval of a new business incentive grant, the business that receives that grant shall
(1) employ no fewer than 50 full-time employees by July 1 of the fifth year following the effective date of the new business incentive grant agreement;
(2) provide, in a form acceptable to the department, an annual report including the number of employees, gross salaries, and taxes paid to the municipality in which the new business is located.
(d) If a business that receives a new business incentive grant must repay that grant under AS 45.81.040 (a) or (f) of this section, the department will charge compound interest on the grant money at an amount equal to five percentage points above the annual rate charged member banks for advances by the 12th Federal Reserve District on the day on which the department determines that business is not operating in the state in the manner required by AS 45.81.040 (a).
(e) A business that agrees, as required by AS 45.81.040 (a), to be responsible for its branch or subsidiary's obligation to repay grant money and interest shall submit that agreement to the department by notarized letter.
(f) If a business that receives a new business incentive grant fails to comply with (c) of this section, the business shall repay the grant, with interest, unless the business demonstrates to the department's satisfaction that good cause exists for the failure to comply. Repayment, if required, must be made by October 1 of the fifth year following the effective date of the new business incentive grant agreement.
History: Eff. 6/11/2000, Register 154
Authority: AS 45.81.010
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Last modified 7/05/2006