General approval Standards and Criteria
: In the review
and consideration of financial assistance applications, consideration shall be
given to the following general and non-exclusive:
Laws.The applicant must possess all legal rights and privileges
necessary for Project commencement and operation.
applicant and proposed Project must be determined to be eligible for the
Local Need. The Project must be found to be needed in
the area to be served and must be served and must be found to be sufficient, as
proposed, or reflect satisfactory progress toward serving such needs. In no
event may funds be used to bypass service currently being provided by the
natural gas utility.
Project Feasibility. The proposed Project must appear
to be feasible from a technical standpoint. In the case of a natural gas
project, the utility's contribution shall not exceed the company's investment
criteria or similar policies and/or procedures.
Statewide Needs and Public
Interest. Consideration shall be given to the relationship between
the proposed Project and the overall development needs within the State of
Arkansas as well as to whether the proposed Project, if constructed, will serve
the public interest and welfare.
Priority shall be given to projects which
(1) A specific industry-
committed and demonstrated to be capable of providing new jobs to the
community. The more definite Jobs to be created, the more likely the project
will be funded.
(2) A firm
commitment from the industry to locate or expand if the poject is approved by
(3) If an incubator
project then a commitment from those benefited by incubation to locate, where
possible, in the State of Arkansas without bias for or against the place of
(4) A high likelihood
of substantial job creation. Where the number of jobs is speculative, then an
assessment shall be submitted by the AEDC as to the probability of job creation
and the Quality of the Job. A scale shall he developed and used to apprise the
Commission of the relative likelihood of job creation.
Other sources of funding have been
explored and exhausted. Other sources must be listed in the application.
**Summary of change: The only change to this rule is the
addition of subsection (f). The substance of this change is that it puts an
applicant on notice of the priority given by the Economic Development of
Arkansas Fund Commission to the those requesting funding from the