Analysis

Synopsis:

 Relating to economic development by providing for contract negotiations for certain businesses adversely affected by the Public Health Order.

Analysis:

 SB 281 adds a new Section to the Local Economic Development Act pertaining to renegotiating a project participation agreement with a state, local or regional government pursuant to the Local Economic Development Act on or before December 31, 2020. 
Specific language allows the qualifying entity entered into the project participation agreement on or after January 1, 2016 and the agreement is in effect through December 31, 2021.
The qualifying entity fulfilled or exceeded its obligations pursuant to the project participation agreement as of March 1, 2020; and
The qualifying entity was forced to close or reduce its workforce as a result of a public health order issued to address the coronavirus disease 2019 public health emergency.

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