A. An application for enterprise assistance shall:

(1)     describe the scope and plans of the enterprise development project or proposed use of leased property by the applicant;

(2)     demonstrate that the enterprise development project or lease will create or expand economic development opportunities within the state;

(3)     demonstrate that the proposed enterprise development project or lease will comply with applicable state and federal law;

(4)     provide sufficient evidence that other means of financing a proposed enterprise development project are unavailable or insufficient; and

(5)     include other documentation or certifications that the authority deems necessary.

B. The authority, in coordination with the department, shall:

(1)     make the application publicly available, including a description of the scope and plans of the proposed enterprise development project or lease;

(2)     ensure that all information relating to the enterprise development project or lease and the evaluation of the application is made publicly available, unless the information includes trade secrets or information that is otherwise unable to be disclosed as provided by law;

(3)     prioritize applications for enterprise assistance that demonstrate local support and financial need; and

(4)     prior to providing enterprise assistance, determine that:

(a) the proposed enterprise development project or lease will create or expand economic development opportunities within the state;

(b) the proposed enterprise development project or lease will comply with applicable state and federal law; and

(c) other means of financing a proposed enterprise development project are unavailable or insufficient.

C. A contract to provide enterprise assistance shall:

(1)     define the roles and responsibilities of the authority and the opportunity enterprise partner;

(2)     provide clawback or recapture provisions that protect the public investment in the event of a default on the contract;

(3)     provide a finance plan detailing the financial contributions and obligations of the authority and opportunity enterprise partner;

(4)     require an opportunity enterprise partner to provide guarantees, letters of credit or other acceptable forms of security, as determined by the authority;

(5)     specify how rents, if applicable, will be collected and accounted for;

(6)     specify how debts incurred on behalf of the opportunity enterprise partner will be repaid; and

(7)     provide that, in the event of a default, the authority may:

(a) elect to take possession of the property, including the succession of all right, title and interest in the enterprise development project; and

(b) terminate the lease or cease any further funding and exercise any other rights and remedies that may be available.

D. The authority may require any document, guarantee or certification from a recipient of enterprise assistance that the authority determines is necessary to ensure economic development opportunities are advanced by the enterprise assistance.

E. The authority may prioritize an application for enterprise assistance for a proposed enterprise development project located in a nonurban community.

F. Enterprise assistance shall only be provided if compliant with the Opportunity Enterprise Act. All contracts for enterprise assistance shall be provided to the board no later than thirty days from the execution of that contract.

G. As used in this section, “nonurban community” means a municipality with a population of less than forty thousand according to the most recent federal decennial census or the unincorporated area of a county.