Maine Revised Statutes Title 5 Sec. 13070-K – Economic development incentive contract
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Terms Used In Maine Revised Statutes Title 5 Sec. 13070-K
- Commissioner: means the Commissioner of Economic and Community Development. See Maine Revised Statutes Title 5 Sec. 13054
- Contract: A legal written agreement that becomes binding when signed.
- Economic development incentive: means federal and state statutorily defined programs that receive state funds, dedicated revenue funds and tax expenditures as defined by section 1666 whose purposes are to create, attract or retain business entities related to business development in the State. See Maine Revised Statutes Title 5 Sec. 13070-J
If the commissioner enters into a contractual relationship with a business regarding the provision of an economic development incentive in return for the business’s agreement to locate, expand or retain its facilities in the State, that contract must contain a statement of the State’s expected public benefit from its investment of public funds. [PL 2001, c. 481, §3 (AMD).]
SECTION HISTORY
PL 1997, c. 761, §2 (NEW). PL 2001, c. 481, §3 (AMD).