A. The rural business development advisory council is established. The mission of the council is to advise the board of directors regarding rural business development strategies, including creating jobs, diversifying economies and attracting new investment.

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B. The council consists of the following members:

1. One representative from each county, seven of whom are appointed by the governor and four each of whom are appointed by the president of the senate and the speaker of the house of representatives.

2. One representative of a rural development organization that represents statewide interests who is appointed by the governor.

3. One member representing all Indian tribes, nations, bands and communities in this state who is appointed by the governor.

4. The chief executive officer or the chief executive officer’s designee.

C. Each year the governor shall appoint a member to serve as chairperson. The chairperson may be reappointed. Council members shall serve staggered three-year terms beginning and ending on the third Monday in January. The members of the council serve without compensation and are subject to Title 38, Chapter 3, Article 8, relating to conflicts of interest.

D. The council shall:

1. Recommend to the board of directors policy development and funding allocations to complement regional and local economic development strategies that focus on and assist rural communities.

2. Leverage local, state and federal resources to advance business in rural areas of this state.

3. Develop selection criteria and an application format for rural communities or areas to use in applying for matching monies.

4. Make recommendations for coordinating personnel activities of the authority to ensure that communities receive appropriate technical assistance to implement economic development efforts.

5. Assist local rural economic development professionals, main street project managers and others involved in economic development.

6. Make recommendations regarding:

(a) State responsibilities under any necessary contracts with consultants, including the national main street center of the national trust for historic preservation.

(b) Coordination of the activities of other state agency personnel assisting with rural economic development programs.

7. Monitor the progress of main street communities and other aspects of the program.

8. Coordinate the expenditure of available federal monies to support rural business and economic development programs.

E. Each year the council shall develop a priority list of economic strength projects that meet the criteria established by section 28-7281 and submit the list to the chief executive officer. The council shall confer with regional planning agencies and local authorities that would be affected by a specific economic strength project and shall submit their comments to the chief executive officer. After review by the board, the chief executive officer shall transmit the priority list and comments to the state transportation board. The council shall set priorities for individual projects based on the following:

1. The cost of the project.

2. The number of jobs that the project will cause to be created, retained or increased.

3. The nature and amount of capital investment or other contribution to the economy of this state or a local authority as a result of the project.

4. The likelihood that benefits resulting from the project will exceed the costs of the project.

5. Whether the amount of contributions to the project provided from other than the economic strength project fund is at least ten percent of the cost of the project.

6. The amount and percentage of funding for the project that will come from a source other than the economic strength project fund as compared to other proposed projects.

7. The amount of expenditures required for local infrastructure relating to the project.

8. The magnitude of the project and its relative value to this state or a local authority as compared to other proposed projects.

9. The extent to which the project would contribute to achieving an equitable distribution of monies and projects among the various regions of this state and throughout this state as a whole.

10. The specific time schedule for completion of the project.