Bill > SB473

This bill requires entities receiving funding through the Rural Economic Action Plan (REAP) of 1996 to develop a comprehensive plan for measuring the qualitative effects of their funded projects. Specifically, these entities must create a methodology to assess the impact of their projects, which may involve conducting public surveys or gathering feedback from local governments and municipalities. By January 1, 2028, each entity must submit a detailed report to the Oklahoma Department of Commerce describing the qualitative effects of at least two projects that received REAP funding. The bill stipulates that any expenses associated with developing the assessment plan and preparing the report must be funded through initial planning expenditure payments authorized under existing Oklahoma statutes. The purpose of this bill appears to be increasing transparency and accountability for rural economic development projects by requiring entities to systematically evaluate and document the broader, less tangible impacts of their investments. The bill will become effective on November 1, 2025.

Government Affairs, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb473&Session=2500