Section 510.07. Grant awards.

 

(1)   Authority. The secretary has the final authority to determine the eligibility of a transportation facility improvement, determine the grant ceiling, schedule improvements, obligate state funds, and set priorities.

(2)   Priority. If eligibility is established for more transportation facility improvements than can be funded at any time, priorities shall be determined by considering the department's cost per direct job, the geographic diversity of previous transportation facilities economic assistance and development grants and the extent to which each application meets other criteria in s. 84.185 (2) (b) , Stats.

(3)   Loans. When an economic development project contributes minimally to the economic growth of the state, such as when the project benefit/cost ratio is less than 1.0, the department may make loans for transportation facility improvements, not exceeding 50% of the cost of the improvement. Loan repayment shall commence no later than one year after completion of the project. Loan duration cannot exceed 7 years. The department shall charge interest at prevailing rates to a government as determined by the department.

History: Cr. Register, February, 1990, No. 410 , eff. 3-1-90; CR 06-036 : am. (2), cr. (3) Register August 2006 No. 608 , eff. 9-1-06.