(1) (a) There is hereby created a fund to be known as the Colorado economic development fund, referred to in this part 1 as the "fund", which shall be administered by the commission and which consists of all money that may be available to the commission. The commission may transfer to the fund any general fund money appropriated to the commission and the commission may expend such money without further appropriation. (b) (I) On April 1, 2023, the state treasurer shall transfer five million dollars from the general fund to the fund. The commission shall allocate the money transferred pursuant to this subsection (1)(b)(I) to the Colorado office of economic development created pursuant to section 24-48.5-101 to use in connection with the federal "Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act of 2022", Pub.L. 117-167. (II) In addition to the reporting requirements specified in section 24-48.5-101 (7) and notwithstanding the requirement in section 24-1-136 (11)(a)(I), on or before November 1, 2023, and on or before November 1 of each year thereafter through 2028, the Colorado office of economic development shall submit a report to the joint budget committee detailing how the Colorado office of economic development is expending the money transferred pursuant to subsection (1)(b)(I) of this section and detailing all projects that the Colorado office of economic development funded pursuant to the federal "Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act of 2022", Pub.L. 117-167. The report must include the following information: (A) A detailed list of the projects funded; (B) The identity of all entities receiving funding and the geographic location of the entities receiving funding; (C) The type of funding provided; (D) Any anticipated economic benefits that the funding is expected to produce; (E) Project timelines and anticipated completion dates; (F) Any efforts to provide funding to rural or underserved areas; and (G) The amount of any administrative costs related to administering the money transferred pursuant to subsection (1)(b)(I) of this section. (III) This subsection (1)(b) is repealed, effective December 31, 2028. (c) (I) On July 1, 2024, the state treasurer shall transfer eight million dollars from the general fund to the fund. The commission shall use the funds transferred pursuant to this subsection (1)(c)(I) to contract with the Colorado housing and finance authority, created in part 7 of article 4 of title 29, for the purposes described in section 24-46-104 (1)(q). (II) This subsection (1)(c) is repealed, effective July 1, 2025. (2) The moneys in the fund shall be subject to annual appropriation by the general assembly, except as provided in subsection (2.5) of this section, for the purposes of this part 1. Any moneys not expended or encumbered from any appropriation at the end of any fiscal year shall remain available for expenditure in the next fiscal year without further appropriation. Any interest earned on the investment or deposit of moneys in the fund shall not be credited to the general fund of the state but shall instead be credited to the revolving account created in subsection (2.5) of this section. Contributions of money, property, or services may be received from any state agency, county, municipality, federal agency, person, or corporation for use in carrying out the purposes of this part 1. (2.5) (a) The moneys in the fund may be used by the commission to make grants or loans to both public and private persons and entities for use in carrying out the purposes of this part 1, subject to the provisions of paragraph (b) of this subsection (2.5) and subsections (3) and (4) of this section. In determining whether to make a grant or loan, the commission shall consider each of the following guidelines: (I) The amount of the grant or loan; (II) The number of jobs that are likely to be generated in the state as a direct or indirect result of the facility or operation the grant or loan would fund and ancillary facilities thereto; (III) The quality and wage level of jobs created; (IV) The extent to which a person or entity establishing or expanding a business operation or facility intends to employ Colorado residents at the new or expanded operation or facility the grant or loan would fund and ancillary facilities thereto; (V) The extent to which a person or entity establishing or expanding a business facility or operation intends to contract with Colorado residents and Colorado-based companies for services and goods at the new or expanded operation or facility the grant or loan would fund and ancillary facilities thereto; and (VI) The extent of the public benefits expected to result from the grant or loan. (b) The commission may establish whatever terms and conditions it deems appropriate in making grants or loans pursuant to this section; except that the terms and conditions established by the commission shall meet or exceed the requirements established in subsection (4) of this section for a grant or loan awarded in part or in whole based on a private person's or entity's creation of full-time permanent new jobs in the state. The loan amount and any interest earned thereon shall be paid back to the commission, and such moneys shall be credited to a special account in the fund to be known as the revolving account. In accordance with subsection (2) of this section, interest earned on the investment or deposit of moneys in the economic development fund shall also be credited to the revolving account. All moneys in the revolving account may be used by the commission to make loans and grants as provided in this subsection (2.5) without further appropriation by the general assembly. The commission shall not approve grants or loans to state departments or agencies for specific projects which are typically considered by the general assembly in the general appropriation bill or in supplemental appropriation bills unless the joint budget committee approves the application for such grants or loans. (3) The governor is not authorized to expend moneys from the fund unless such expenditure has been reviewed and recommended by the commission. The governor may reject any recommendations by the commission. (4) (a) The commission shall award a grant or loan from moneys in the fund based in part or in whole on a private person's or entity's creation of full-time permanent new jobs in the state, only if the person or entity: (I) Pays all of its new employees hired on or after August 3, 2007, a minimum wage as determined by the commission; (II) Creates one or more new jobs and maintains the jobs for at least one year; and (III) (A) Has not been adjudicated to be in violation of any federal, state, or local laws affecting the health, safety, or working conditions of employees for at least the prior five years, as certified by the person or entity; or (B) Has been adjudicated to be in violation of a federal, state, or local law affecting the health, safety, or working conditions of employees within five years of applying for a grant or loan pursuant to this section, but can provide evidence to the commission that it has corrected the violation or has taken steps to correct the violation and can provide an estimated date by which the violation will be corrected. (b) The provisions of this subsection (4) do not apply to the following: (I) A nonprofit entity; (II) An intern or trainee who is under the age of twenty-one and who is employed for a period of not longer than three months; or (III) Grants awarded to new businesses under the rural jump-start zone act under section 39-30.5-105 (5). (c) No person or entity shall pay an employee through a third party or treat an employee as a subcontractor or independent contractor to avoid the requirements of this subsection (4). The provisions of this paragraph (c) shall not apply to a person or entity that hires subcontractors or independent contractors in the normal course of the person's or entity's business. (5) and (6) Repealed. (7) (a) There is hereby created an account within the Colorado economic development fund established pursuant to subsection (1) of this section to be known as the rural jump-start zone grant fund account. The account consists of any money appropriated to the fund by the general assembly. The money in the account is subject to annual appropriation by the general assembly for the purposes set forth in this subsection (7). Any money not expended or encumbered from any appropriation at the end of any fiscal year remains available for expenditure in the next fiscal year without further appropriation. The money in the account may be used: (I) By the commission to make grants as set forth in sections 39-30.5-104 (7)(c) and (7)(d) and 39-30.5-105 (5); and (II) For the direct and indirect costs that the Colorado office of economic development incurs, not to exceed three hundred thousand dollars to administer the rural jump-start zone grant program under section 39-30.5-105 (5). (b) This subsection (7) is repealed, effective July 1, 2025. Any money remaining in the rural jump-start zone grant fund account on June 30, 2025, reverts to the general fund.
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