Sec. 166.03. (A) There is hereby created the facilities | 8 |
establishment fund within the state treasury, consisting of | 9 |
proceeds from the issuance of obligations as specified under | 10 |
section 166.08 of the Revised Code; the moneys received by the | 11 |
state from the sources specified in section 166.09 of the Revised | 12 |
Code; service charges imposed under sections 166.06 and 166.07 of | 13 |
the Revised Code; any grants, gifts, or contributions of moneys | 14 |
received by the director of development to be used for loans made | 15 |
under section 166.07 of the Revised Code or for the payment of the | 16 |
allowable costs of project facilities; and all other moneys | 17 |
appropriated or transferred to the fund. Moneys in the loan | 18 |
guarantee fund in excess of the loan guarantee reserve | 19 |
requirement, but subject to the provisions and requirements of any | 20 |
guarantee contracts, may be transferred to the facilities | 21 |
establishment fund by the treasurer of state upon the order of the | 22 |
director of development. Moneys received by the state under | 23 |
Chapter 122. of the Revised Code, to the extent allocable to the | 24 |
utilization of moneys derived from proceeds of the sale of | 25 |
obligations pursuant to section 166.08 of the Revised Code, shall | 26 |
be credited to the facilities establishment fund. | 27 |
(B) All moneys appropriated or transferred to the facilities | 28 |
establishment fund may be released at the request of the director | 29 |
of development for payment of allowable costs or the making of | 30 |
loans under section 166.07 or the awarding of grants under section | 31 |
166.31 of the Revised Code, for transfer to the loan guarantee | 32 |
fund established in section 166.06 of the Revised Code, or for use | 33 |
for the purpose of or transfer to the funds established by | 34 |
sections 122.35, 122.42, 122.54, 122.55, 122.56, 122.561, 122.57, | 35 |
122.601, and 122.80 of the Revised Code and, until July 1, 2003, | 36 |
the fund established by section 166.031 of the Revised Code, and, | 37 |
until July 1, 2007, the fund established by section 122.26 of the | 38 |
Revised Code, but only for such of those purposes as are within | 39 |
the authorization of Section 13 of Article VIII, Ohio | 40 |
Constitution, in all cases subject to the approval of the | 41 |
controlling board. | 42 |
(4) "Qualifying employee" means an employee employed by an | 75 |
employer, provided the employee is employed at the vacant | 76 |
commercial space for at least one year, employment of the employee | 77 |
increases the employer's payroll above the employer's base | 78 |
employment threshold, and the employee had not been employed by | 79 |
the employer within sixty days before the date the employer | 80 |
purchases or enters into a lease for a vacant commercial space. | 81 |
An employer required to deduct and withhold income tax from | 88 |
an employee's compensation under section 5747.06 and remit such | 89 |
amounts under section 5747.07 of the Revised Code may apply to the | 90 |
director of development for a grant from the facilities | 91 |
establishment fund, provided that, on or after the effective date | 92 |
of this section as enacted by H.B. 18 of the 129th general | 93 |
assembly, the employer occupies under a lease or purchases vacant | 94 |
commercial space at which the employer employs at least fifty | 95 |
employees or at least fifty per cent of its employees who are | 96 |
employed in this state. An employer may qualify for the grant only | 97 |
once. The amount of the grant awarded under this section shall be | 98 |
five hundred dollars for each qualifying employee. No grant | 99 |
application shall be accepted by the director three years or later | 100 |
after the effective date of this section. | 101 |
Upon receipt of an application, the director shall review the | 117 |
application and attached materials and approve the application if, | 118 |
to the director's satisfaction, the employer fulfills all the | 119 |
grant requirements of this section, and if, in the judgement of | 120 |
the director, the unencumbered balance in the facilities | 121 |
establishment fund is sufficient to fund the amount of the grant. | 122 |
Upon approval of a grant application, the director shall authorize | 123 |
the award of the grant from the facilities establishment fund to | 124 |
the employer. If the director finds that the unencumbered balance | 125 |
in the facilities establishment fund is not sufficient to fund a | 126 |
grant under this section and the grant applicant otherwise | 127 |
qualifies, the director shall forward the application to the | 128 |
director or chief executive of any entity authorized or charged by | 129 |
law to perform job creation and other economic development | 130 |
functions for this state. | 131 |
An employer receiving a grant under this section from the | 137 |
facilities establishment fund must use the grant for the | 138 |
acquisition, construction, enlargement, improvement, or equipment, | 139 |
of property, structures, equipment, and facilities used by the | 140 |
employer in business at the vacant commercial space occupied by | 141 |
the employer. | 142 |