Ga. Comp. R. & Regs. R. 110-32-1-.06 - Approval Agreement

(1) Terms of Agreement -- Following approval, the Department of Community Affairs shall enter into an agreement with any approved company which may also include as a partner any public development authority, and the terms and provisions of each agreement shall include, but not be limited to:

a) The projected amount of approved costs, provided that any increase in approved costs incurred by the approved company and agreed to by the Department of Community Affairs shall apply to subsequent tax filings and refunds;

b) A date certain by which the approved company shall have completed the tourism attraction project and begun operations. Upon request from time to time from any approved company that has received final approval, the Department of Community Affairs shall grant an extension or change, which in no event shall exceed in the aggregate 18 months from the date of approval, to the completion date as specified in the agreement with an approved company; and

c) A statement specifying the term of the agreement in accordance with subsection (c) of O.C.G.A. § 48-8-273.

(2) Failure to Abide by Terms of Agreement -- In the event an approved company fails to abide by the terms of the agreement, then such agreement shall be void and all sales and use tax proceeds which were refunded shall become immediately due and payable back to the state and to the governing authority of any county or municipality that would otherwise have received the sales and use tax had it not been refunded under the Act.

(3) Transfer of Rights -- An approved company may, in the discretion of the Commissioners or specifically authorized official, transfer its rights, duties, and obligations under the agreement to a successor company if the successor company meets the qualifications of an approved company and, upon such approval by the Commissioners or specifically authorized official, such successor approved company shall be authorized to receive the sales and use tax refunds for the remaining duration of the agreement if it abides by the terms of the agreement. No Transfer of Rights shall be effective unless expressly authorized in writing, and signed by, the Governor or specifically authorized official.

Notes

Ga. Comp. R. & Regs. R. 110-32-1-.06

O.C.G.A. 50-8-3, 50-8-5, 48-8-270, 48-8-275, 48-8-276, 48-8-277.

Original Rule entitled "Approval Agreement" adopted. F. Oct. 7, 2013; eff. Oct. 27, 2013.