Montana Code 90-1-204. Priorities for funding — rulemaking
90-1-204. Priorities for funding — rulemaking. (1) Under the big sky economic development program provided for in 90-1-201, the department must receive proposals for grants and loans from eligible businesses and may accept proposals from economic development organizations and preferred lenders on behalf of businesses. Eligible businesses may work with an economic development organization on a proposal. The department shall work with eligible businesses and the economic development organization in preparing cost estimates for a proposed project. In reviewing proposals, the department may consult with other state agencies with expertise pertinent to the proposal.
Terms Used In Montana Code 90-1-204
- Department: means the department of commerce provided for in 2-15-1801. See Montana Code 90-1-201
- Economic development organization: means :
(i)a private, nonprofit corporation, as provided in Title 35, chapter 2, that is exempt from taxation under section 501(c)(3) or 501(c)(6) of the Internal Revenue Code, 26 U. See Montana Code 90-1-201
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)(a) The department shall adopt rules necessary to implement the big sky economic development program in collaboration with economic development organizations actively serving communities. The department shall consider low-interest loans, forgivable loans, and grants when adopting rules.
(b)The rules must provide for the types of uses of funds available under the big sky economic development program. The types of uses of these funds include but are not limited to:
(i)a reduction in the interest rate of a commercial loan for the expansion of a basic sector company;
(ii)a grant or low-interest loan for relocation expenses for a basic sector company;
(iii)rental assistance or lease buy-downs for a relocation or expansion project for a basic sector company;
(iv)short-term working capital loans;
(v)workforce activities or job creation; and
(vi)planning projects that would provide significant economic benefit to require matching funds to be considered.
(c)The rules must require matching funds for a grant or loan.
(d)The rules may provide for greater incentives for a rural county.