(1) The creative district community loan fund is created in the state treasury. The principal of the fund consists of moneys appropriated or transferred to the fund by the general assembly, matching moneys leveraged by the division from any community development financial institution, as described in section 38-38-100.3 (20)(j), C.R.S., with which the division enters into a memorandum of understanding regarding loan participation and administration of the fund, and any other moneys leveraged in the fund by any foundation or other public or private person. All interest and income derived from the deposit and investment of the fund and all unexpended and unencumbered moneys remaining in the fund at the end of any fiscal year remain in the fund unless expended as authorized by paragraph (c) of subsection (2) of this section.
(2) (a) Subject to annual appropriation by the general assembly and subject to the following limitations, the division may make or participate in loans or loan guarantees from the creative district community loan fund to any person who is developing, constructing, or redeveloping commercial real estate, mixed-use projects, community facilities, or infrastructure such as sidewalk improvements, pathways for wayfaring, and signage, within a state-certified creative district or a proposed creative district that is a candidate for certification that will support the purposes or growth of the district:
The maximum amount that the division may loan from the fund for any single projectis two hundred fifty thousand dollars;
One or more public or private entities must provide matching moneys or in-kindcontributions of property, or both, with a total value equal to at least three times the amount loaned by the fund;
The division shall give higher priority to a loan or loan guarantee application for aproject that is identified in or compatible with a district's strategic plan.
The division may retain up to eight percent of the moneys transferred or appropriatedby the general assembly to the creative district community loan fund in a fiscal year to offset its administrative costs under this section.
Any unexpended and unencumbered moneys from an appropriation made pursuant tothis subsection (2) remain available for expenditure by the division in the next fiscal year without further appropriation.
The priority of any liens filed in connection with a loan made by, participated in, orguaranteed by the division as authorized by paragraph (a) of this subsection (2) is determined exclusively by the order in which the liens were filed.
(3) The office of economic development shall include in its annual report submitted to the general assembly pursuant to section 24-48.5-101 a summary of all loans and loan guarantees made or participated in pursuant to subsection (2) of this section during the preceding fiscal year.
The summary must include, at a minimum:
The amount of each loan or loan guarantee;
A description of the project for which the division made each loan or loan guaranteeincluding a description of the recipient's use of the loan made or guaranteed;
A description of any economic impacts, including but not limited to job creation orretention and capital investment or retention in the state resulting from the loan or loan guarantee.
Source: L. 2014: Entire section added, (HB 14-1093), ch. 278, p. 1127, § 1, effective August 6.