Maine Revised Statutes Title 5. Administrative Procedures and Services § 13070-O. Evaluation of economic development proposals

A. Have a program name that accurately describes the nature of the program;

B. Have specific stated objectives, such as the number of jobs to be created or retained, the wage levels and benefits associated with those jobs or a project with significant value to the State or a community within the State;

C. Specify a method to measure whether the objectives of the program have been met;

D. Require that a business that receives benefits under the program report on the use of the benefits received;

E. Require that the appropriate joint standing committee of the Legislature review the program at specific and regular intervals;

F. Provide incentives for a business to meet objectives of the program and, when incentives are provided in anticipation of contractual performance, penalties for a business that does not meet the objectives of the program;

G. Provide a cost analysis of the program based on at least a 10-year period;

H. Have a clearly defined public purpose;

I. In addition to standard data, report performance data specific to its goals and objectives annually to the entity that is assigned to coordinate the State's portfolio of economic development programs; and

J. Require that a business that receives benefits under the program have a business statement that includes the requirements of section 13070-J, subsection 2-A.