Local Economic Development Act

The act authorizes state, local, and regional governments to participate in economic development projects with private businesses, defining the forms of public support that may be provided — including money, dedicated tax revenue, and reimbursement of rent, lease, or mortgage costs — while restricting public expenditures and pledges of public credit outside its terms. Participation runs through an adopted and published economic development plan, followed by a project participation agreement that fixes the obligations of the public body and the assisted business; local governments may act together under regional plans and joint powers agreements, and a state economic development department accepts applications, evaluates projects, and provides technical assistance. Accountability mechanisms include a dedicated fund for the program, special funds holding project revenues, annual audits, statutory limits on the assistance that may be given, and procedures for terminating plans and projects.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.