Oregon Statutes - Chapter 285A - Economic Development I - Section 285A.055 - Prerequisites for certain commission actions.

Prior to the approval of bond financing of economic development projects under ORS 285B.320 to 285B.371, the making of a loan under ORS 285A.666 to 285A.732 or the making of any loan or the granting of any moneys from any source, the Oregon Economic and Community Development Commission, or the Economic and Community Development Department as the designee of the commission, shall:

(1) Determine that the action is cost effective, considering both major public expenses and major public benefits;

(2) Find that the project will produce goods or services which are sold in markets for which national or international competition exists or, if the project is to be constructed and operated by a nonprofit organization, that the project will not compete with local for-profit businesses;

(3) Determine that the action is the best use of the moneys involved, considering other pending applications for those moneys;

(4) Find that the project involved is consistent with the Economic and Community Development Departmentís comprehensive policy and programs; and

(5) Find that the project involved is consistent with applicable adopted local economic development plans. [Formerly 285.025; 1999 c.509 §6; 2001 c.883 §2; 2007 c.804 §6]

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Last modified: August 7, 2008