2005 Vermont Code - § 7. — Economic development; assistance and incentives benchmark reports

§ 7. Economic development; assistance and incentives benchmark reports

(a) For purposes of this section, "economic development assistance recipient" means any business entity, including a for-profit corporation, a nonprofit corporation, a partnership, or a sole proprietorship that receives economic development assistance from state funds administered by a governmental agency, from state funds administered by a private entity, or from federal funds administered by the state, whether such assistance is in the form of a grant, a loan, a state tax abatement, a tax credit, a tax increment financing program, or such other form of economic development assistance or incentive as the secretary of commerce and community development may identify by rule.

(b) Each economic development recipient shall state, on a form approved by the agency granting assistance, or awarding a tax credit or abatement, or approving any other form of economic development assistance, the number of new jobs that will be created or existing jobs that will be retained as a result of such assistance, the wages and employee benefits associated with such jobs, and a description of any other public benefits associated with such economic development assistance. Such statement shall be made prior to any such grant, award, or approval. Such statements and the information contained therein shall not be available for public inspection until 90 days after the granting of assistance, or the awarding of a tax credit or abatement, or the approving any other form of economic development assistance or incentive. After the expiration of such 90 day period such statements and information shall not be considered confidential, and may be inspected and copied pursuant to subchapter 3, chapter 5 of Title 1 (public records law), notwithstanding the provisions of any other law.

(c) Each economic development recipient shall report annually, in a manner and on a form prescribed by the commissioner of economic development, the amount or monetary value of economic assistance or incentive granted, awarded or approved, and such information as is necessary to determine whether the recipient has reached its job creation or other public benefit goals stated pursuant to subsection (b) of this section. On or before January 15 of each year the commissioner of economic development shall submit to the general assembly a benchmarks report identifying for each economic development assistance or incentives program subject to the provisions of this section, and for each economic development recipient, the amount or monetary value of economic assistance or incentive granted, awarded or approved, and the number of new jobs that have been created and existing jobs that have been retained as a result of such assistance, the wages and employee benefits associated with such jobs, and any other public benefits associated with such economic development assistance or incentives. The benchmarks report shall also compare the performance of such programs with the performance anticipated by economic development recipients under subsection (b) of this section. Such annual reports shall not be considered confidential, and may be inspected and copied pursuant to subchapter 3, chapter 5 of Title 1 (public records law), notwithstanding the provisions of section 317(b)(17) of Title 1, section 3102 of Title 32, or any other law.

(d) The commissioner of economic development shall adopt such rules as are necessary to carry out the purposes of this section. (Added 1995, No. 190 (Adj. Sess.), § 12g.)