1. A. Upon approval of the application, the board shall enter into a contract with the business for the benefits allowed by this Chapter. The business must execute its portion of the contract and return it to Business Incentive Services as follows.

   1. 1. For projects with contract effective dates prior to the effective date of the 2021 Rule promulgation, if the contract is not returned within 60 days, the board may rescind the approval of the application.
   2. 2. For projects with contract effective dates after the effective date of the 2021 Rule promulgation, if the contract is not returned within 90 days, the board’s approval shall be deemed rescinded.
2. 3. When the contract has been fully executed, a copy will be sent to the business, the Department of Revenue, and if applicable, sent to the political subdivision.
3. B. Business incentive services must be notified, on the prescribed form, of any change that will affect the contract. A fee of $250 shall be submitted with a request for any contract amendment. This includes, but is not limited to, changes in the ownership or operational name of the business holding a contract, or the suspension, closing, or abandonment of operations. Failure to report any changes within six months may constitute a breach of contract.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:1786(5).

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Economic Development, Office of Business Development, LR 37:2374 (August 2011), amended LR 40:496 (March 2014), LR 42:868 (June 2016), amended by the Department of Economic Development, Office of Business Development, LR 47:858 (July 2021).