Colorado Legislative Council Staff

NO FISCAL IMPACT

TITLE:            CONCERNING CONDITIONS FOR THE DISTRIBUTION OF MONEYS FROM THE COLORADO ECONOMIC DEVELOPMENT FUND.

Summary of Assessment

            This bill requires the Colorado Economic Development Commission, under the Department of Local Affairs, before making a grant or loan from the Colorado Economic Development Fund to consider specific guidelines, including:

            •   the significance of the amount of the grant or loan;

            •   the significance of the number of jobs that may be generated as result of the grant or loan;

            •   the extent to which an employer will employ Colorado residents at a facility funded by the grant or loan;

            •   the extent to which the person or entity intends to contract with Colorado residents and Colorado-based companies at a facility funded by the grant or loan; and

            •   the extent of the public benefits expected to result form the grant or loan.

            The bill will become effective on July 1, 1998.

            The provisions of this bill conform to current practices of the Colorado Economic Development Commission. The bill does not affect the amounts of moneys available to the fund for loans and grants. The bill will not affect state or local government revenue or expenditures. Therefore, the bill is assessed as having no fiscal impact.

Departments Contacted

            Local Affairs