S0398: Economic development

Legislative Summary

Amend Article 11, Chapter 1, Title 13 Of The 1976 Code, Relating To The Coordinating Council For Economic Development, By Adding Subarticle 2, To Provide For Economic Development Accountability By Setting Forth Job Creation, Wage, And Health Care Obligations For A Recipient Corporation To Receive A Development Subsidy, To Provide For Certain Cross-checking Requirements For Granting Bodies Awarding Subsidies, To Provide For A Reduction In The Value Of The Subsidy If A Recipient Corporation Falls Short Of Its Obligations, To Provide For The Disclosure Of Performance Reports By Recipient Corporations, To Provide That A Granting Body Shall Publish Performance Reports On Its Website, To Provide That Certain Reports Must Be Submitted To The Coordinating Council For Economic Development; To Amend Section 13-1-1730 Of The 1976 Code, Relating To Reports By The Coordinating Council For Economic Development, To Provide That The Coordinating Council For Economic Development Shall Include In Its Report To The General Assembly An Annual Unified Economic Development Budget; And To Define Necessary Terms.