R357-3-107. Modification of the Tax Credit Offer or Contract

  (1) GOED may modify, or a business entity may request to modify, the terms of a tax credit offer or contract as set forth below:

  (a) Substantive Modifications: under extraordinary circumstances, a business entity may request to modify the terms of the tax credit agreement if:

  (i) there is a substantial change to new commercial project plan; and

  (ii) modifying the terms of the tax credit would benefit the State.

  (b) Nonsubstantive Modifications: GOED and the business entity may make nonsubstantive modifications to the tax credit contract to:

  (i) correct clerical errors made in the initial application, the offer, the contract, or the tax credit;

  (ii) make technical changes that do not alter the tax incentive amount or violate any state or federal law; or

  (iii) adjust the timeline of no more than 24 months.

  (2) Substantive modifications require Board consultation prior to the Executive Director's approval or denial.

  (3) All requests and modifications shall be documented and maintained by the GOED.