S99 - Appropriations Act of 2018. (SL 2018-5)

Overview: Section 15.1 of the Appropriations Act of 2018, S.L. 2018-5, modifies the Job Development Investment Grant Program (JDIG) in a number of ways, including by increasing the annual commitment authority, imposing geographical limitations on annual JDIG commitments to promote more even distribution of awards throughout the State, strengthening provisions related to recruiting transformative projects, and making other administrative and general changes. Notable changes include:

• Increasing the annual JDIG cap from $20 million to $35 million in years in which a high-yield project (HYP) is not awarded and from $35 million to $45 million in years in which a HYP is awarded.
• Restricting the $35 million annual JDIG cap by prohibiting more than $20 million from being used for projects located in counties with a total employment of 500,000 and reserving $5 million for projects located in counties with an annual ranking in the highest 50% of the remaining counties.
• Reducing the required minimum metrics for transformative projects (TPs) and adjusting the basis and duration of the award paid to the business.
• Increasing the Utility Account diversion for TPs and HYPs in years in which an enhanced percentage is paid.

This section has various effective dates, but essentially applies to grants awarded, applications received, and agreements executed on or after June 12, 2018.