Rule Rule 123-057-0530
Use and Criteria of Strategic Regional Investment Opportunity Project Moneys

In each biennium, the commission may allocate funds from the Strategic Reserve Fund to create a Strategic Regional Investment Opportunity Fund. The department shall allocate a portion of the fund to each Regional Investment Board based upon consultation with Association of Oregon Counties, League of Oregon Cities, and Oregon Public Ports Association. This allocation shall:


Ensure that each Strategic Regional Investment Opportunity Fund Project actualizes one or more of the following:


The project is developed and brought forward to the department by a regional partnership or board, Business Development Officers or business partners;


The project can demonstrate a significant private business investment, short or long term job creation or other long-term economic development impacts that results in job creation;


Greater competitiveness and productivity by the regions’ traded-sector industries resulting in short term job creation or retention;


The investment of these funds will close a critical gap in funding for eligible activities;


Significant improvement in the variety, wage level and quality of jobs in the participating regions;


Collaboration with one or more industries or institutions that are important to the regions’ future:


Eliminate barriers that impede competitiveness of existing businesses;


Foster new or expanded businesses emerging in the regions;


Internationally market goods and services from the regions; or
(D)(i) Diversify the regional economies;


Similar goals consistent with or conducive to statewide efforts and priorities for economic and community development.


Insist that Strategic Regional Investment Opportunity Projects adhere to funding standards, as follows:


By satisfying sound investment/underwriting principles;


By combining with funds from private, local, regional, state or federal sources; and


By ensuring that the project is ready to proceed in terms of delivering planned outcomes in a reasonable time, including but not limited to a thorough scope of work in the project application, contract and reporting requirements as described in this rule, clear commitment of other resources and the absence of barriers to the project’s timely commencement.


Forbid Strategic Regional Investment Opportunity Fund Projects that amount to the following:


A subsidy for ongoing capacity of an organization or for ongoing operation and maintenance of a facility;


Open-ended efforts that lack a demonstrable and realistic plan for effectively concluding the project, generating future resources or ensuring the usefulness of any deliverables/capacity in the future; or


A failure to demonstrate the criteria as described in section 1(b) of this rule.


The department shall fund projects in accordance with the following:


The department shall facilitate the identification and undertaking of Strategic Regional Investment Opportunity Fund Projects, through communications and assistance to regional boards and fiscal entities through the department’s Business Development Officers. Regions seeking to access their allocated portion of the funds shall do so through their regionally assigned Business Development Officer.


Strategic Regional Investment Opportunity Fund projects addressing projects that meet the criteria as described in this rule may be advanced for approval upon joint recommendation of a regional partnership or regional boards response committee and a Business Development Officer. If the project is recommended, the Business Development Officer will draft a staff recommendation for signature.


Following approval of project funding, projects are assigned to the most appropriate Division within the department to negotiate final project conditions if any, performance measures and to develop and execute contract documents. The contract will specify the process and timing of disbursements of funds, conditions for reporting results, terms for repayment of funds where appropriate and the process for project closeout.
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Dec. 5, 2020