NE2: Quick-Action Closing Fund Act
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  NE2: Quick-Action Closing Fund Act
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Author Topic: NE2: Quick-Action Closing Fund Act  (Read 904 times)
H.E. VOLODYMYR ZELENKSYY
Alfred F. Jones
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« on: January 01, 2013, 12:32:15 AM »
« edited: January 02, 2013, 05:56:10 AM by Northeast Representative Alfred F. Jones »

A BILL

To provide the Northeast Region with additional tools to develop short-term and long-term economic strategies and to effectively close deals with large and small businesses looking to bring in new jobs.

Be it enacted by the Assembly of the Northeast Region convened.

SECTION 1. TITLE

This legislation may be cited as the ‘Quick-Action Closing Fund Act.’

SECTION 2. CREATION OF QUICK-ACTION CLOSING FUND

$20 billion will be accumulated from the Economic development fund expended by November-March Northeast Budget FY2013 to the Northeast Department of Commerce for the creation of this program:

(1.)   The Northeast Department of Commerce will establish a non-partisan ten-member board to be assigned with the task of formulating long-term economic-development strategies as well as researching and contacting businesses looking to locate or relocate their facilities in the Northeast Region.

(2.)   The board will have the ability to negotiate for workforce training, capital investments, and other projects to help collaborate with businesses and manufacturers interested in locating or relocating their facilities in the Northeast Region.

(3.)   Grants and incentives that are provided by the fund may be used for onsite (equipment and facilities) and offsite (infrastructure) expenses if approved by the Bank of the Northeast.

Sponsor: Gov. Scott

Scotty, you have until 12:32 AM on January 2, 2013 (24 hours from now) to advocate for this bill or I will axe it with an axe.
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The world will shine with light in our nightmare
Just Passion Through
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« Reply #1 on: January 01, 2013, 11:26:23 AM »
« Edited: January 05, 2013, 11:27:29 AM by Governor Scott »

This bill is based on a law that was signed by Arkansas Governor Mike Beebe and adopted by several US states.  In those states, this kind of program is known as a 'deal-closing fund.'  They are often used when there is serious competition from another state in the final stages of a project, and is typically financed from state revenues appropriated by the legislature in a similar way that the BNE helps businesses create jobs.  This kind of fund is a prime example of a public-private partnership that takes advantage of the efficiencies of private industries and governmental economic development agencies.

In Arkansas alone, the Quick-Action Closing Fund has assisted more than 26 companies and brought $766.6 million in new business investment to their state, and these investments have created nearly 6,407 jobs with a projected average wage of $20.33 an hour for employees of benefiting companies.  Furthermore, every dollar invested by Arkansas has produced a return of $2.90.

This legislation will give our region the ability to negotiate for the jobs, and employee training, that we absolutely need.  It is my belief that in order for the Northeast Region to be a competitive force in our economy, we must maintain a climate that is friendly to business and attracts them to the region, and the passage of this legislation will make that possible.
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H.E. VOLODYMYR ZELENKSYY
Alfred F. Jones
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« Reply #2 on: January 02, 2013, 05:56:41 AM »

I just realized. This is NE2.

*mind-wipes the others* THIS DIDN'T HAPPEN.
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Just Passion Through
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« Reply #3 on: January 03, 2013, 11:43:27 PM »

I really hope that the lack of discussion on this bill is a signal that it will easily pass this body.
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Poirot
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« Reply #4 on: January 04, 2013, 12:11:12 AM »

I intend to vote for this. My comments are more directed at the future board rather than the legislation itself.

I hope the non-partisan board in negotiating grants and incentives will set minimum conditions, for example number of jobs created and maintained in the region, be in operation for a minimum of years in the region, otherwise the value of grants and incentives must be paid back by the company.

Since the board is non-partisan I trust that it will know when to stop going in a high bidding war with other regions that could arise for political reason if it was not non-partisan in nature.
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H.E. VOLODYMYR ZELENKSYY
Alfred F. Jones
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« Reply #5 on: January 04, 2013, 05:52:49 AM »

I really hope that the lack of discussion on this bill is a signal that it will easily pass this body.

It is. We only really debate contentious things.
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bore
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« Reply #6 on: January 04, 2013, 09:33:45 AM »

I really hope that the lack of discussion on this bill is a signal that it will easily pass this body.

I'll certainly be supporting it.
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H.E. VOLODYMYR ZELENKSYY
Alfred F. Jones
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« Reply #7 on: January 05, 2013, 02:35:27 PM »

Debate time has expired. Voting will last 24 hours or until all Representatives have voted.

Aye.
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Starbucks Union Thug HokeyPuck
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« Reply #8 on: January 05, 2013, 05:08:49 PM »

I support this. 

[X] Aye-aye!
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Poirot
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« Reply #9 on: January 05, 2013, 05:28:42 PM »

Aye
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bore
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« Reply #10 on: January 05, 2013, 06:06:37 PM »

Aye
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Goldwater
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« Reply #11 on: January 05, 2013, 11:42:22 PM »

AYE
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H.E. VOLODYMYR ZELENKSYY
Alfred F. Jones
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« Reply #12 on: January 06, 2013, 06:37:46 PM »

The bill passes unanimously.
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