1. (1) The infrastructure and long-term development assistance program is created in the authority. The purpose of the program is to provide financing to eligible projects. The authority is not responsible, through the program or otherwise, for assisting in a project qualifying as an eligible project.
2. (2) The authority shall administer the program to provide financing to eligible projects that seek financing through the authority. Financing must be paid out of the eligible project revolving fund and the administrative expenses incurred by the department in administering the program must be paid out of the operating fund.
3. (3) The authority shall implement the program in accordance with this section. The authority shall develop policies and procedures as required in this article 117 and any additional policies and procedures necessary to implement the program. At a minimum, the policies and procedures must specify application criteria, an application process, and a selection process for the authority to determine which eligible projects it will finance or assist in financing.
4. (4) To receive financing, an applicant must submit an application to the authority in accordance with the policies and procedures developed by the authority.

5. (5) The authority shall review the applications received pursuant to this section and must consider, among other criteria:

   1. (a) Whether a project demonstrates:

      1. (I) A match by an equal or greater amount of a loan or other financial assistance provided by a pension fund investor or a commingled fund of pension fund investments with a demonstrated track record of successful investment; and
      2. (II) A long-term commitment to hiring local residents and using apprentices in apprenticeship programs registered with the state apprenticeship council or the United States department of labor's office of apprenticeship;
   2. (b) Whether a project has a project labor agreement;
   3. (c) Whether a project complies with section 24-92-115 and parts 2 and 3 of article 92 of this title 24; and
   4. (d) Whether a project is located in or benefits an under-represented community.

6. (6)

   1. (a) If, upon reviewing an application, the authority determines that an infrastructure project is eligible for financing from the Colorado educational and cultural facilities authority created in section 23-15-104 (1)(a), the authority shall notify both the entity that submitted the application and the Colorado educational and cultural facilities authority of that determination. Within the later of thirty days after it receives such notice or ten days after its next board meeting that occurs after it receives such notice, the Colorado educational and cultural facilities authority must notify the authority whether it intends to independently finance the infrastructure project without funding from the authority.
   2. (b) The authority shall only provide financing to a project identified pursuant to subsection (6)(a) of this section if the Colorado educational and cultural facilities authority does not respond within the period described in subsection (6)(a) of this section or indicates that it does not intend to independently finance the infrastructure project without financing from the authority.
7. (7) The eligible project revolving fund is created in the authority. The eligible project revolving fund consists of money transferred to the fund; gifts; grants; donations; contributions from a governmental entity, not-for-profit organization, or private entity; federal funds; a warrant issued by the state or any other governmental entity; any other money that the authority may transfer to the fund; and interest and income derived from the deposit and investment of money in the eligible project revolving fund. Money in the fund is money of the authority for administering and implementing the infrastructure and long-term development assistance program. The authority may establish procedures to administer the fund in accordance with this article 117 and any other applicable provision of state law.

Source: L. 2025: Entire article added, (SB 25-081), ch. 320, p. 1688, § 3, effective August 6.