Nebraska Statutes 81-12,183. Agreement; requirements; documentation of private funds
(1) Within ninety days after approval of the application, the director shall prepare and deliver a written agreement to the applicant for the applicant’s signature. The applicant and the director, on behalf of the State of Nebraska, shall enter into such written agreement. Under the agreement, the applicant shall agree to undertake the project and report all investment at the project to the director annually. The director, on behalf of the State of Nebraska, shall agree to allow the applicant to receive the matching funds allowed in the Nebraska Transformational Projects Act, subject to appropriation of such funds by the Legislature. The application, and all supporting documentation, to the extent approved, shall be considered a part of the agreement. The agreement shall state:
Terms Used In Nebraska Statutes 81-12,183
- Applicant: means a postsecondary institution having a college of medicine located in the State of Nebraska. See Nebraska Statutes 81-12,170
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Continuation period: means the period of five years immediately following the end of the transformational period. See Nebraska Statutes 81-12,171
- Date of application: means the date that a completed application is filed under the Nebraska Transformational Projects Act. See Nebraska Statutes 81-12,172
- Director: means the Director of Economic Development. See Nebraska Statutes 81-12,173
- Investment: means the amount paid by the applicant for:
(1) Real property that is (a) constructed after the date of application, (b) owned by the applicant, (c) located at the qualified location, and (d) used to carry out the project. See Nebraska Statutes 81-12,174
- Matching funds: means the funds provided toward investment at a project by the State of Nebraska pursuant to section 81-12,185. See Nebraska Statutes 81-12,175
- Private dollars: means dollars donated to the applicant specifically for the project by any combination of one or more of the following:
(a) An individual. See Nebraska Statutes 81-12,176
- Project: means an investment by the applicant of at least one billion six hundred million dollars at one qualified location which is made to carry out the requirements for the qualified location to be included in the program described in Title VII, Subtitle C, section 740 of Public Law 116-92. See Nebraska Statutes 81-12,177
- Qualified location: means any parcel of real property, or contiguous or adjacent parcels of real property, within the State of Nebraska that is or are owned by the applicant, and such other parcels owned by the applicant that are necessary to support the applicant's project at such parcel or parcels. See Nebraska Statutes 81-12,178
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Transformational period: means the period of time from the date of the complete application through the earlier of (1) the end of the tenth year after the year in which the complete application was filed with the director or (2) the end of the year in which the applicant attains the one-billion-six-hundred-million-dollar investment requirement. See Nebraska Statutes 81-12,180
- United States: shall include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801
(a) The qualified location;
(b) The type of documentation the applicant will need to document its investment and receipt of private dollars under the act;
(c) The date the application was complete;
(d) A requirement that the applicant be and will stay registered for the E-Verify Program provided by the United States Citizenship and Immigration Services for the duration of the project;
(e) A requirement that the applicant update the director within sixty days of the following events:
(i) Execution of an agreement for construction of real property at the project;
(ii) Local approval for construction of real property at the project;
(iii) A binding commitment for financing of the project by a private lender, to the extent applicable;
(iv) Commencement of construction of real property at the project; and
(v) The issuance of a certificate of occupancy for real property at the project;
(f) A requirement that the applicant provide any information needed by the director to perform his or her responsibilities under the Nebraska Transformational Projects Act, in the manner specified by the director;
(g) A requirement that the applicant provide an annually updated timetable showing the private dollars donated and received and the investment at the project, in the manner specified by the director; and
(h) A requirement that the applicant update the director annually, with its timetable or in the manner specified by the director, on any changes in plans or circumstances which it reasonably expects will affect the investment or expected donations for the project.
(2) Any failure by the applicant to timely provide the updates or information required by the director or the act may result in the loss of the right to receive matching funds or, at the discretion of the director, result in the deferral of matching fund disbursements until such updates and information have been provided to the director by the applicant.
(3) The applicant shall provide documentation to the director validating the receipt of private dollars but is not required to disclose the names of any donors of private dollars.
(4) An agreement under the Nebraska Transformational Projects Act shall have a duration of no more than fifteen years after the date of application, consisting of up to the ten years of the transformational period followed by the five-year continuation period, except that such agreement shall remain effective until all matching fund payments have been received as provided for under the act.
(5) An agreement under the Nebraska Transformational Projects Act must be approved by the governing body of the applicant to be valid.