Kansas Statutes 74-50,123. Annual report of economic effects by secretary; loss of qualified industrial manufacturer designation
Terms Used In Kansas Statutes 74-50,123
- Act: means the provisions of Kan. See Kansas Statutes 74-50,211
- committee: means the community strategic planning grant committee established by Kan. See Kansas Statutes 74-5093
- department: means the department of commerce;
(4) "entrepreneur" means an individual creating a new business, service or product;
(5) "region" means multi-county areas as defined by the secretary of commerce;
(6) "regional business development fund" means an authorized and audited fund that is created by taxpayer contributions, interest income and investment income and is managed by the regional foundation board of directors for the purposes of economic and leadership development in the region;
(7) "regional foundation" means any organization in Kansas that demonstrates capacity to provide economic development services to regions as defined by this act, and: (A) Has obtained a ruling from the internal revenue service of the United States department of treasury that such organization is exempt from income taxation under the provisions of section 501(c)(3) or 501(c)(6) of the federal internal revenue code;
(B) has been designated as a certified development company by the United States small business administration;
(C) has been designated as an economic development district by the United States department of commerce's economic development administration;
(D) has been organized as a regional planning commission under Kan. See Kansas Statutes 74-50,154
- Secretary: means the secretary of commerce. See Kansas Statutes 74-5059
(a) The secretary shall transmit annually to the governor, the standing committee on commerce of the senate and the standing committee on commerce, labor and economic development of the house of representatives, or any successor committee, a report, based upon information received from each qualified industrial manufacturer for which benefits have been issued during the preceding year, describing the following: (1) The manner in which the purpose, as described in this act, has been carried out;
(2) an estimate of jobs created and jobs preserved by cash investments made in qualified industrial manufacturers; and
(3) an estimate of the multiplier effect on the Kansas economy of the cash investments made pursuant to this act.
(b) The secretary shall conduct an annual review of the activities undertaken pursuant to this act to ensure that benefits issued pursuant to this act are issued in compliance with the provisions of this act or rules and regulations adopted by the department with respect to this act.
(c) Any violation of the reporting requirements set forth in the agreement shall be grounds for loss of designation as a qualified industrial manufacturer under this section.
(d) If the secretary determines that a qualified industrial manufacturer is not in substantial compliance with the requirements of this act, the secretary, by written notice, shall inform the officers of the qualified industrial manufacturer that such qualified industrial manufacturer shall lose its designation as a qualified industrial manufacturer unless such qualified industrial manufacturer corrects the deficiencies and is once again in compliance with the requirements for designation.