(1) In each biennium, the Economic and Community Development Department shall expend moneys from the Regional Investment Fund for:
(a) Technical assistance and staff support for preparation and update of regional investment strategies;
(b) Projects or activities implementing an approved regional investment strategy and implementing priorities described in the strategy;
(c) Personnel necessary to administer the strategies and projects or activities; and
(d) Other activities consistent with the adopted regional investment strategy in accordance with ORS 285B.239.
(2) In each biennium, the Oregon Economic and Community Development Commission, by rule and in agreement with the Association of Oregon Counties, League of Oregon Cities and Oregon Public Ports Association, may provide funds from any source available to the department to establish strategic regional investment opportunities consistent with the policies described in ORS 285B.266. Funding for projects or activities under this subsection shall be awarded, at the discretion of the commission, according to the quality of the defined projects or activities.
(3) In each biennium, a regional board may dedicate a portion of regional investment funds for technical assistance and staff support for regional investment strategy development and refinement and development and administration of regional partnerships. The portion of funds so dedicated shall be determined by the commission. The commission shall provide regional boards with these funds prior to approval of regional investment strategies.
(4) In each biennium, a regional board may dedicate a portion of regional investment funds to provide grants or loans to individual private businesses for fixed asset acquisition. Such funds must be used to make grants and loans that are consistent with the regional investment strategy and that support the regional priorities included in the regional investment strategy. The terms and conditions of grants or loans to be made under this subsection must be contained in the regional investment strategy at the time it is submitted for department review.
(5) After a regional investment strategy is adopted, the department in each calendar quarter shall provide regional investment funds, less any moneys used for technical assistance and staff support for regional investment strategy development, to the region. Moneys received under this subsection shall be used for development of projects or activities based upon an evaluation by the regional board of the merit and readiness of the projects or activities. Projects and activities that receive such financial assistance must be consistent with the priorities of the approved regional investment strategy.
(6) In each biennium, each regional board shall submit a report to the commission and the Legislative Assembly that describes the expenditure of moneys received under this section and indicates the success, as defined by specified performance measurements, of the funded projects or activities in achieving the regional economic development priorities described in ORS 285B.236 (2). [Formerly 285.651; 1999 c.509 §57; 2001 c.552 §3; 2003 c.773 §26; 2007 c.804 §68]
Section: Previous 285B.242 285B.245 285B.248 285B.251 285B.254 285B.257 285B.260 285B.263 285B.264 285B.266 285B.269 285B.280 285B.283 285B.286 285B.289 NextLast modified: August 7, 2008