A.At the invitation of the secretary or any of the local governmental entities listed in R.S. 47:4353(A)(1), a targeted non-manufacturing business undertaking a project in a participating parish may apply for a contract by submitting to the department such certified statements and documentation as the department may require.
B.The secretary may recommend the project to the board for a contract upon determining the applicant meets the requirements of a targeted non-manufacturing business, and the exemption would be advantageous in a competitive site selection situation to encourage the establishment of a targeted non-manufacturing business facility which is expected to yield significant positive economic benefit to the state and the parish. The secretary, at his discretion, may include sa
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A. At the invitation of the secretary or any of the local governmental entities listed in R.S. 47:4353(A)(1), a targeted non-manufacturing business undertaking a project in a participating parish may apply for a contract by submitting to the department such certified statements and documentation as the department may require.
B. The secretary may recommend the project to the board for a contract upon determining the applicant meets the requirements of a targeted non-manufacturing business, and the exemption would be advantageous in a competitive site selection situation to encourage the establishment of a targeted non-manufacturing business facility which is expected to yield significant positive economic benefit to the state and the parish. The secretary, at his discretion, may include sales by affiliates of the applicant business in making the fifty percent determination required under R.S. 47:4354(5). The secretary's recommendation shall include proposed contract terms and conditions.
C. The contract shall include the following provisions:
(1) A term of ten years.
(2) Performance obligations, including required capital expenditures and new direct jobs, and the time for performance of such obligations.
(3) Monitoring by the department, reporting by the business and auditing of contract performance.
(4) Consequences of failure to perform contract obligations.
D. Upon approval by the board, the secretary shall execute the contract on behalf of the board and provide a copy of the contract to the assessor and the parish governing authority of the respective parish. The secretary shall notify the assessor and parish governing authority if a contract is suspended or cancelled.
E. In the event the secretary determines that a business has failed to meet the eligibility requirements of the program or the performance obligations of the contract, the secretary may, at his discretion, suspend or cancel the contract. A contract suspension shall remove the exemption for the year in which the failure occurred, but the secretary may lift the suspension following a year in which eligibility requirements and performance obligations are met, and the exemption shall then be restored effective for that year. A contract cancellation shall remove the exemption for the calendar year in which the failure occurred and all future years. Upon receipt of notification from the secretary that a contract is suspended or cancelled, the assessor shall adjust the property assessment in the manner provided by law. Taxes becoming due for a prior year due to removal of an exemption shall, at the discretion of the tax collector, be collectable immediately or with the taxes for the current year.