Bill > S0572

This bill requires the Department of Economic Opportunity (the department) to create and maintain a public website to report on state investments in economic development programs, ensuring the information is easily searchable and accessible. Within 48 hours after any confidentiality period for project information expires, the department must publish details about each project, including projected economic benefits, the program used, the total potential state investment, target industries, impacted counties, local financial commitments, and information about the participating business such as its headquarters location, size, and the project award date. The bill also mandates the publication of project evaluation criteria, performance goals like job creation and retention, and the total state investment disbursed to date. The department will use methodology and formulas from the Office of Economic and Demographic Research (OEDR) to calculate economic benefits, and the OEDR must provide a description of these methods to the department, which will then publish it online. Annually, the department must update project information and report on the progress of projects funded by the Quick Action Closing Fund, including how long applications take to process. The bill also specifies the publication of contracts and reports related to tax refund agreements, and requires that information for projects completed before October 1, 2013, be compiled and published by October 1, 2014, if available. Importantly, any restrictions on the department's publication of information are only to limit what is posted on the website and do not create exemptions from public records laws.