SSB 3074

The bill defines “financial assistance” to mean a loan, forgivable loan, or grant. Under the bill, the authority shall administer the program for the purpose of awarding financial assistance to eligible grocery stores for projects located in this state including capital improvements, utility upgrades, repairs and maintenance, equipment and furnishings, professional services, workforce training, technology, and predevelopment costs. The bill establishes the criteria for the program. The criteria relates to a grocery store’s eligibility to do business in the state, the business organizational structure of the grocery store, the number of employees, the amount of financial assistance provided in relation to the size of the project, job or income creation, ability to repay any financial assistance, ability to implement or complete the project, and the economic viability of the project. _____ The bill requires a grocery store seeking financial assistance to make application to the authority in the manner prescribed by the authority by rule. The authority is required to evaluate applications pursuant to rules adopted by the authority. The bill allows the authority to contract with a nonprofit organization or a community development financial institution to administer the program. Under the bill, priority shall be given to projects where the grocery store commits to providing matching funds of at least percent of the total project cost; locates the project in an underserved community that primarily serves residents of low-income or moderate-income communities; commits to accepting benefits under the United States department of agriculture supplemental nutrition assistance program, and the special supplemental nutrition program for women, infants, and children; creates or retains jobs; and meets any other criteria determined by the authority by rule. The bill defines “underserved community”, “low-income community”, and “moderate-income community”. The authority is required to submit a report to the general assembly describing the activities of the program by November 1, 2025, and each November thereafter, if applicable. The report shall include the geographic distribution of the projects, the identity of the applicants, and new investments or new jobs created. The authority is required to adopt rules to implement the bill. DIVISION II —— APPROPRIATIONS. The bill appropriates $2 million each of the next two fiscal years (FY 2024-2025 and FY 2025—2026) from the general fund of the state to the fund to provide financial assistance to eligible grocery stores under the program.