Section 73.161. General

The purpose of the interest rate penalty is to insure that PIDA’s funds are being properly utilized for employment creation purposes. If a project is not creating jobs, PIDA’s funds would be better directed to those businesses which would comply with the objectives of PIDA’s program. Actual employment creation is one measure of the program’s success. Failure to meet employment projections may be the direct result of factors beyond a business’s control. There are varying degrees of success in reaching employment projection goals; some firms have exceeded their projections, others have failed to achieve even 50% of their projections. Therefore, the criteria in § 73.162 (relating to criteria) have been devised to provide a framework which will assist PIDA in evaluating each project on a consistent basis and imposing penalties at its discretion. Consistent application of these evaluation criteria will guide the imposition of penalties.

The provisions of this § 73.161 amended October 19, 2007, effective October 20, 2007, 37 Pa.B. 5601. Immediately preceding text appears at serial page (230912).

Notation

Cross References

This section cited in 12 Pa. Code § 73.14 (relating to interest rate penalty for failure to create projected employment).