(1)(a) A project sponsor seeking financial assistance from the Industrial Lands Loan Fund must submit an application in the manner and form required by the Oregon Business Development Department.

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(b) At a minimum, each application must include:

(A) The name and nature of the project sponsor;

(B) A description of the nature of the project;

(C) The provisions of ORS § 285B.003 to 285B.030 under which the project is eligible for financial assistance;

(D) The proposed activities to be funded;

(E) A description and estimate of the allowable costs to be incurred for the project; and

(F) All other information and documentation that the department requires.

(2)(a) The department shall review all timely and complete applications and approve or reject each application in accordance with rules adopted by the department.

(b) The department shall notify each applicant of its decision. The rejection of an application may not be appealed. [2023 c.25 § 19]