(a)(1) The Department of Economic and Community Development shall establish a first five plus program to encourage business expansion and job creation. As part of said program, the department may provide substantial financial assistance to up to twenty eligible business development projects by June 30, 2019.

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(2) A business development project eligible for financial assistance under the first five plus program shall commit, in the manner prescribed by the Commissioner of Economic and Community Development, to (A) create not less than two hundred new jobs within twenty-four months from the date such application is approved; or (B) invest not less than twenty-five million dollars and create not less than two hundred new jobs not later than five years after the date such application is approved.

(3) The Commissioner of Economic and Community Development may give preference to a business development project that (A) involves the relocation of an out-of-state or international manufacturer or corporate headquarters, (B) involves the relocation of jobs involved in research, invention or innovation to the state, (C) is a redevelopment project that the commissioner believes will create jobs sooner than the schedule set forth in subdivision (2) of this subsection, (D) is located in a distressed municipality, as defined in section 32-9p, or (E) involves a targeted industry referenced in the economic development strategic plan for the state prepared pursuant to section 32-1o.

(4) The Commissioner of Economic and Community Development may, in awarding financial assistance to an eligible business development project, work with Connecticut Innovations, Incorporated, to secure financing for such project.

(5) The Commissioner of Economic and Community Development shall certify to the Governor for his or her approval that a business development project applicant has satisfied all the eligibility criteria in the program. Financial assistance awarded through the first five plus program shall be with the written consent of the Governor.

(b) (1) Financial assistance for the first five plus program for eligible business development projects shall be exempt from the provisions of subsection (c) of section 32-223, section 32-462, subsection (q) of section 32-9t and, at the commissioner’s discretion, section 12-211a for the fiscal years ending June 30, 2012, June 30, 2013, June 30, 2014, June 30, 2015, June 30, 2016, June 30, 2017, June 30, 2018, June 30, 2019, and June 30, 2020.

(2) For any assistance agreements originally executed on December 22, 2011, financial assistance for the first five plus program for eligible business development projects shall be exempt from the provisions of subsection (c) of section 32-223, section 32-462, subsection (q) of section 32-9t and, at the commissioner’s discretion, section 12-211a for any of the fiscal years ending June 30, 2021, to June 30, 2024, inclusive.

(c) The commissioner may take such action as the commissioner deems necessary or appropriate to enforce such commitment, including, but not limited to, establishing terms and conditions for the repayment of any financial assistance awarded pursuant to the provisions of this section.

(d) On or before September 1, 2013, January 1, 2014, September 1, 2014, January 1, 2015, September 1, 2015, January 1, 2016, September 1, 2016, January 1, 2017, September 1, 2017, January 1, 2018, September 1, 2018, January 1, 2019, and September 1, 2019, the Commissioner of Economic and Community Development shall report in accordance with the provisions of section 11-4a to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and finance, revenue and bonding on (1) the projects funded through the first five plus program, (2) the number of jobs created, (3) the net rate of return to the state for the entire portfolio of the program, taking into account all loans that have been forgiven and all tax credits that have been allowed in accordance with this section, (4) the impact on the economy of this state, and (5) based on such information, recommendations for any modifications to the program, including, but not limited to, whether the program should continue. Not later than February 1, 2019, said joint standing committees shall convene a joint public hearing on the most recent report submitted by the commissioner pursuant to this section.