La. Admin. Code tit. 13 § III-103
Applicants-the company or business enterprise and (if a Sponsored Project) the public entity, collectively, requesting or seeking financial assistance from LED and LEDC under this program.
Award-the funding of financial assistance and/or appropriations, including performance-based grants or loans approved under this program for eligible applicants, which will promote economic development in this state, and will serve as an incentive to influence a company's decision to locate or relocate its business operations in Louisiana, maintain, rebuild and/or expand its Louisiana operations, and/or increase its capital investment in Louisiana.
Award Agreement-that agreement or contract hereinafter referred to between the company, LED and LEDC, and (if a sponsored project) the public entity, through which, by cooperative endeavor agreement or otherwise, the parties set forth the amount of the award, the terms, conditions and performance objectives or obligations of the award provided pursuant to the rules of this program.
Awardee-an applicant, company or business enterprise, and (if a sponsored project) the public entity receiving an award under this program.
Borrower-the awardee receiving and accepting a loan award under this program.
Company-the business enterprise, being a legal entity duly authorized to do and doing business in the State of Louisiana, in need of funding for a project pursuant to these rules, which is undertaking the project or for which the project is being undertaken, and which is seeking and/or receiving the benefit of the award under this program.
Default-the failure to perform a task, to fulfill an obligation, or to do what is required; the failure to create new jobs or the number of new jobs as agreed, or to employ, to retain, or to maintain the employment of the number of employees as agreed; the failure to achieve and/or to maintain the employee compensation or payroll levels as agreed; the failure to pay or to repay any loan or interest due thereon as agreed; or the failure to meet a financial obligation.
EDAP-the Economic Development Award Program.
Employee-a Louisiana resident hired by a company for permanent full-time employment.
Financed Lease-a lease entered into that satisfies the criteria of a lease intended as a security device in which a security interest may be reserved in favor of LED or LEDC, for the payment or repayment of an award, a debt, a loan or some other obligation; in which case LED or LEDC, as the creditor or lender, shall be the lessor, the awardee, as the debtor or borrower, shall be the lessee, and the installment payments of the award, loan or other obligation shall be the lease or rental payments.
Grant or Grant Award-funding of financial assistance approved under this program for eligible applicants, provided the awardee achieves and maintains the performance obligations as required in the award agreement. This type of award is not ordinarily intended to be repaid in cash payments except in the event of a default by the awardee in the performance of its obligations under the award agreement. In the event of a default, the full repayment by the awardee of the award may be required, or repayment of the unpaid or uncredited balance may be required of the awardee after appropriate performance credits, have been applied against the repayment obligation.
Guaranty-an agreement, promise or undertaking by a second party to make the payment of a debt or loan or to perform an obligation in the event the party liable in the first instance fails to make payment or to perform an obligation.
Infrastructure-considered to be basic hard assets, permanent type assets, such as land, buildings, structures, substantial, installed or permanently attached machinery and/or equipment, streets, roads, highways, rights-of-way or servitudes, including paving or other hard surfacing, piping, drainage and/or sewage facilities, utility lines, poles and facilities, railroad spurs, tracks, cross ties, and all things similar or appurtenant thereto, and including costs related to the purchase, design, location, construction, and/or installation of such hard assets.
Infrastructure Project-refers to the undertaking for which an award is granted hereunder for the purchase, or new construction, improvement or expansion of land, roadways, servitudes, parking facilities, equipment, bridges, railroad spurs, utilities, water works, drainage, sewage, buildings, ports and waterways.
LED-the Louisiana Department of Economic Development.
LEDC-the Louisiana Economic Development Corporation.
LEDC Board-the Board of Directors of the Louisiana Economic Development Corporation.
Loan or Loan Award -funding of financial assistance approved under this program for eligible applicants, provided the awardee achieves and maintains the performance obligations as required in the award agreement, which award is to be repaid in cash payments over a period of time by the awardee/borrower. Such financial assistance loans may be repaid either with or without interest (at the discretion of the LEDC Board), and may also be repaid by applying against the unpaid or uncredited balance of the award appropriate performance credits earned by the awardee through the performance of its required obligations during the term of the award agreement; and in the event such "credits" are utilized and earned, any interest due may also be waived, all to be determined in its discretion by the LEDC Board, or by the LED or LEDC staff.
Loan Participation-the sharing by one lender of a part or portion of a loan with another lender or other lenders, whereby the participant or participants may provide a portion of the loan funds, or may purchase a portion of the loan, and which participant or participants would be entitled to share in the proceeds of the loan repayments and any interest income.
Performance Credits-may include any of the following or any combination of the following credits earned by the awardee through the performance of its required obligations during the term of the award agreement, as determined in its discretion by the LEDC Board, or by the LED or LEDC staff, and as provided in the award agreement:
1.Jobs Credits-refers to credits, in an amount determined as provided in the award agreement, earned for the number of new permanent full-time jobs created, filled with employees and maintained within the agreed employment and/or contract term, which credits are applied against an obligation to repay an award or the unpaid or uncredited balance of an award, as provided in the award agreement;
2.Payroll Credits-refers to credits, in an amount as provided in the award agreement, earned fordollar amounts of new job annual payroll, for increases to existing job annual payroll, or for total new annual payroll for all new and existing permanent full-time jobs, or any combinations thereof, paid by the company within the agreed employment and/or contract term, which credits are applied against an obligation to repay an award or the unpaid or uncredited balance of an award, as provided in the award agreement; and
3.Jobs/Payroll Credits-refers to a combination of "Jobs Credits" and "Payroll Credits" applied against an obligation to repay an award or the unpaid or uncredited balance of an award, as provided in the award agreement.
Permanent Full-Time Jobs or Permanent Full-Time Equivalent Jobs-refers to direct jobs which are not contract jobs, that are permanent and not temporary in nature, requiring employees to work an average of 30 or more hours per week.
Program-the Economic Development Award Program (EDAP), which may include sponsored projects or unsponsored projects that are undertaken by a company and a public entity (if a sponsored project), and funded wholly or partially by LED and LEDC through an award pursuant to these rules and the bylaws of LEDC.
Project-refers to the undertaking related to the location, relocation, maintaining, rebuilding or expansion of a business enterprise or an industrial facility in this state, for which an award is sought and/or is granted under this program which will promote economic development in this state, for which LED and LEDC assistance is requested under this program.
Public Entity orSponsoring Entity -the public or quasi-public entity that is responsible for recommending to LED and LEDC the approval of the financial award for the project, for engaging in the award agreement with the company, and pursuant thereto is responsible with the company for the performance and oversight of the project and for supervising with LED the company's compliance with the terms, conditions and performance objectives and obligations of the award agreement.
Secretary-the Secretary of the Department of Economic Development, who is also the President of LEDC, or his designee.
Security Interest-a lien, incumbrance or mortgage affecting movable or immovable property, or a Uniform Commercial Code (UCC-1) Financing Statement, given by an awardee, as debtor or borrower, in favor of LED and/or LEDC, as creditor or lender, to assure the awardee's payment or repayment of all or the unpaid or uncredited balance of an award, loan, debt, or promise to pay an amount of money, or for the fulfillment or performance of an obligation or obligations. A security interest may also be reserved in favor of LED or LEDC, as the creditor or lender, in the form of a lease, commonly called a financed lease, as defined above.
La. Admin. Code tit. 13, § III-103