C.R.S. Section 35-75-204
Duties of board

  • agriculture value-added grants, loans and loan guarantees, and equity investments

(1)

The board has the power to make grants, loans and loan guarantees, and equity investments to any person, including eligible agricultural value-added cooperatives, as defined in section 35-75-202 (4), for new or ongoing agricultural projects and research that add value to Colorado agricultural products and aid the economy of rural Colorado communities and for agricultural projects that will reduce energy costs for agricultural producers or businesses. The board also has the power to fund market promotion activities of the department pursuant to section 35-75-205 (2)(f).

(2)

The board shall employ the following criteria in determining whether to award an agriculture value-added grant, loan, or loan guarantee:
(a)(Deleted by amendment, L. 2007, p. 943, § 1, effective May 17, 2007.)(b) The experience, professional qualifications, and business background of the directors and consultants chosen to lead the agricultural business project shall be such as to give the project a reasonable chance of success under their leadership;

(c)

The contemplated schedule and phasing of the project, whether on an annual or multi-year basis, shall be such as to give the project a reasonable chance of success within three years at a constant or declining rate of support from the board in the form of grants or loans or a combination thereof; and

(d)

The economic impact on other local businesses.

(2.5)

In addition to the criteria listed in subsection (2) of this section, the board may also consider:

(a)

The agricultural business project’s planning for long-term success through feasibility studies, marketing plans, and business plans;

(b)

The agricultural business project’s net economic benefit to the state;

(c)

The agricultural business project’s net economic impact on other local businesses; and

(d)

Any other criteria the board determines are necessary to carry out the purposes of this part 2.

(3)

The board may reject any application for grants, loans and loan guarantees, or equity investments pursuant to this part 2.

(4)

Intentionally left blank —Ed.

(a)

The board shall require a feasibility study of a member’s rural agricultural business project concept to be performed before awarding a grant or loan.

(b)

Upon a determination by the board that the project concept is feasible, the board may cause a marketing study to be performed. Such marketing study shall be designed to determine if the project concept may be operated profitably.

(c)

Upon a determination by the board that the project concept may be operated profitably, the board may provide for legal assistance to set up the project. Such legal assistance shall include, but not be limited to, providing advice and assistance on the form of business entity and other assistance for which the member may qualify as well as helping the member apply for such assistance.

(5)

The board may provide or facilitate grants, loans or loan guarantees, or equity investments for any person who meets the criteria set forth in this part 2 or established by the board under paragraph (d) of subsection (2.5) of this section, including, but not limited to, loans from the United States department of agriculture rural development program, subject to availability. Such financial assistance shall only be provided to feasible project concepts, and the amount of such financial assistance shall be the least amount necessary to cause the project to occur, as determined by the board. The board may structure the financial assistance in a way that causes the project to occur and also provides for a compensatory return on investment or loan payment to the board, based upon the risk of the project concept.

(6)

The board may also provide for consulting services for the building and operation of the project. Such consulting services may be provided through state employees or through contracts with private entities.

(7)

The board may charge the member a reasonable fee for processing an application for financial assistance or for other services performed by the board or its staff.

(8)

The board may consult with other state or federal agencies as necessary to perform its duties pursuant to this part 2.

Source: Section 35-75-204 — Duties of board - agriculture value-added grants, loans and loan guarantees, and equity investments, (accessed Dec. 24, 2024).

35‑75‑101
Short title 35‑75‑102
Legislative declaration 35‑75‑103
Definitions 35‑75‑104
Colorado agricultural development authority - creation - membership 35‑75‑105
Organization meeting - chairman - personnel - surety bond - conflict of interest 35‑75‑106
Meetings of board - quorum - expenses 35‑75‑107
General powers and duties of authority 35‑75‑108
Authority - loans to or made by lenders 35‑75‑109
Authority - rules and regulations 35‑75‑110
Notes 35‑75‑111
Bonds 35‑75‑111.5
Issuance of bonds to construct renewable energy generation facilities and electric transmission lines - renewable energy cooperatives 35‑75‑112
Negotiability of bonds 35‑75‑113
Security for bonds and notes 35‑75‑114
Personal liability 35‑75‑115
Purchase 35‑75‑116
Payment of bonds - nonliability of state 35‑75‑117
Exemption from taxation - securities law 35‑75‑118
Fees 35‑75‑119
Investment powers of authority 35‑75‑120
Proceeds as trust funds 35‑75‑121
Agreement of the state not to limit or alter rights of obligees 35‑75‑122
Enforcement of rights of bondholders 35‑75‑123
Bonds eligible for investment 35‑75‑124
Account of activities - receipts for expenditures - report - audit 35‑75‑125
Federal social security act 35‑75‑126
Powers of authority not restricted 35‑75‑201
Legislative declaration - purpose of part 35‑75‑202
Definitions 35‑75‑203
Colorado agricultural value-added development board - creation - members 35‑75‑204
Duties of board - agriculture value-added grants, loans and loan guarantees, and equity investments 35‑75‑205
Grants, loans and loan guarantees, and equity investments - agriculture value-added cash fund - created - report - definition
Green check means up to date. Up to date

Current through Fall 2024

§ 35-75-204’s source at