(1)  Funds may be disbursed from the Idaho opportunity fund only in accordance with this act and rules adopted by the department, and only in accordance with agreements entered into between the department and one (1) or more local governments, and agreements between the local government and a grantee business as set forth herein.
(2)  Company performance agreements. An agreement between a local government and a grantee business, in addition to any requirements in rules adopted by the department, may contain the following provisions:
(a)  A commitment to create or retain a specified number of jobs within a specified salary range at a specific location;
(b)  A commitment regarding the time period in which the jobs will be created or retained and the minimum time period for which the jobs must be maintained;
(c)  A commitment to complete the construction related to the agreed upon capital expenditures;
(d)  A provision that a reasonable percentage of the total amount of the grant be withheld until specified performance targets are met;
(e)  A provision that a reasonable percentage of the total amount of the grant be withheld until the specified number of jobs are maintained for a specified period of time;
(f)  A commitment to provide proof satisfactory to the local government and the director of new jobs created or existing jobs retained and the salary level of those jobs;
(g)  A provision that funds received under the agreement may be used only for a purpose as authorized by this act;
(h)  A provision allowing the director or the local government to inspect all records of the business that may be used to confirm compliance with the agreement or with the requirements of this act;
(i)  A provision establishing the method for determining compliance with the agreement;
(j)  A provision establishing a schedule for disbursement of funds under the agreement that allows disbursement of funds only in proportion to the amount of performance completed under the agreement;
(k)  A provision requiring repayment of grant funds and corresponding terms for repayment, if applicable, in the event a business subsequently fails to comply with the terms of the agreement;
(l)  A provision that any repayments of grant funds required if the performance targets are not achieved may be prorated to reflect a partial attainment of job creation or other performance targets; and
(m)  Any other lawful provision the director or the local government finds necessary to ensure the proper use of state or local funds.
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Idaho Code 67-4735

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(3)  Local government grant agreement. An agreement between the department and one (1) or more local governments shall contain the following provisions:
(a)  A commitment on the part of the local government to match, in whole or in part, the funds allocated by the department. A local match may include, but shall not be limited to, money, fee waivers, in-kind services, donation of assets, the provision of infrastructure or a combination thereof. The director of the department of commerce shall have the authority to waive the local match requirement;
(b)  A provision requiring the local government to recapture any funds to which the local government is entitled under the company performance agreement;
(c)  A provision requiring repayment from the local government to the department for any funds used for unapproved purposes or disbursed prior to compliance with the company performance agreement or achievement of the job creation or other performance targets;
(d)  A provision allowing the department access to all records possessed by the local government necessary to ensure compliance with the company performance agreement and with the requirements of this act;
(e)  A provision establishing a schedule for the disbursement of funds from the Idaho opportunity fund to the local government that reflects the disbursement schedule established in the company performance agreement; and
(f)  Any other lawful provision the department deems necessary to ensure the proper use of state funds.
(4)  Disbursement of funds. Funds may be disbursed from the Idaho opportunity fund to the local government only after the local government has demonstrated that the business has complied with the negotiated terms of the company performance agreement. The department shall disburse funds allocated under the Idaho opportunity fund to a local government in accordance with the disbursement schedule established in the local government grant agreement.