OK HB4312

Counties with an excise board or budget board may establish a County Economic Development Closing Fund as a continuing fund not subject to fiscal year limitations, funded through appropriations, interest earnings, grants, and donations.

Expenditures from the fund must be determined likely to be a deciding factor in locating or retaining high-impact businesses, with expected benefits including job creation, job retention, capital investment, or increased tax revenues.

County commissioners must evaluate proposals based on factors including number of jobs created/retained, average salaries, total capital investment, and overall economic impact before approving expenditures by majority vote at a public meeting.

Written agreements with fund recipients must specify payment amounts and schedules, performance measures, repayment provisions if benchmarks are not met, and periodic reporting requirements.

Counties must publicly disclose recipient names, payment amounts, and expected economic benefits; capital improvements funded must be repaid with interest and profit-sharing if sold or repurposed before agreement terms are fulfilled.