Grants and loans to expand development authorized
- • eligibility
- • applications
- • rules
- • fees
(1) Subject to the availability of funds in the Eastern Oregon Border Economic Development Board Fund, the Eastern Oregon Border Economic Development Board may award grants or loans to eligible applicants to enhance and expand workforce development or economic development in the Eastern Oregon Border Economic Development Region. Repayment of loans made under this section is subject to subsection (8) of this section. The board shall make the decision to approve and award grants or loans under this section, but the Oregon Business Development Department shall be responsible for the actual payment of the grants or loans from the Eastern Oregon Border Economic Development Board Fund.
(2) Eligible applicants include, but are not limited to:
(a) Local governments;
(b) Institutions of higher education as defined in ORS 348.582 (Definitions);
(c) Private or nonprofit businesses with their principal places of business or the majority of their workforces located in the Eastern Oregon Border Economic Development Region;
(e) Economic development organizations;
(f) School districts; and
(g) Other entities as defined by the board by rule.
(3) An eligible applicant may apply for a grant or loan by submitting an application and paying the required application fee, if any, in accordance with rules adopted by the board in consultation with the department. The rules must, at a minimum:
(a) Establish criteria for the award of grants or loans under this section that provide that the applicant must demonstrate the grant or loan moneys will be used for:
(A) Economic development that will lead to private investment, job creation or retention and the establishment or expansion of viable businesses in the region;
(B) Expansion of a transportation infrastructure sufficient to facilitate moving traded sector goods or services in the region to market;
(C) Enhancement and expansion of workforce development in the region that is responsive to the needs of the region’s businesses and industries;
(D) Certification of regionally significant industrial sites within the region;
(E) Extension of private utilities, including but not limited to gas and electrical connections, to regionally significant industrial sites within the region;
(F) A due diligence assessment pursuant to the Oregon Industrial Site Readiness Assessment Program under ORS 285B.635 (Legislative findings) to 285B.640 (Oregon Industrial Site Readiness Assessment Program Fund) or other assessments or evaluations that prepare a site for development; or
(G) Provision of support services and technical assistance to entrepreneurs and business owners in the region, including but not limited to small business development centers established under ORS 285B.165 (Purpose of ORS 285B.165 to 285B.171) to 285B.171 (Short title); and
(b) Establish criteria for repayment of loans, collection of moneys owed and repayment of grant proceeds in the event of default.
(4) Applications for loans must contain:
(a) A plan for repayment by the applicant to the Eastern Oregon Border Economic Development Board Fund of moneys borrowed from the fund plus interest; and
(b) If required by the department and the board, evidence of debt assurance of, or security for, repayment by the applicant.
(5) Loans made under this section:
(a) May not be for a loan term that exceeds the usable life of the work or project for which the loan funds will be used or a specified number of years from completion, whichever is less; and
(b) Are subject to subsection (8) of this section regarding repayment of loans made by the department.
(6) Grants or loans made under this section are payable solely from the Eastern Oregon Border Economic Development Board Fund established under ORS 284.801 (Eastern Oregon Border Economic Development Board Fund). Amounts paid as grants or loans shall not constitute a debt of the state or a lending of the credit of the state within the meaning of any constitutional or statutory limitation, although nothing in this section is intended to impair the exercise of rights granted against the security for a loan, if any.
(7) The department shall assist the board in evaluating applications for grants or loans under this section by:
(a) Evaluating timelines for accomplishment of work and projects for which grant or loan moneys requested in the application will be used;
(b) Investigating whether necessary permits for development, if needed, have been or can be secured in a timely manner;
(c) Recommending how to maximize use of grant or loan moneys to ensure successful completion of the work or project for which the grant or loan moneys will be used;
(d) Assessing the ability of the applicant to repay the grant or loan;
(e) Documenting the strengths, weaknesses and risks of the applicant and project; and
(f) Making recommendations regarding terms and conditions for approval of a grant or loan.
(8) The department shall adopt rules governing repayment of loans made under this section and collection of moneys owed the Eastern Oregon Border Economic Development Board Fund. The department may seek appropriate legal remedies to secure repayment of any loans made under this section that are due to the fund.
(9) The department may assess and charge fees, including but not limited to application fees, for loans or grants made under this section. [2017 c.703 §6]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.