Prerequisites for certain commission actions

Prior to the approval of bond financing of economic development projects under ORS 285B.320 to 285B.371 or the making of loans or the granting of any moneys from any source, the Oregon Business Development Commission, or the Oregon Business Development Department as the designee of the commission, shall: (1) Determine that the action is cost effective, considering both major public expenses and major public benefits; (2) Find that the project will produce goods or services which are sold in markets for which national or international competition exists or, if the project is to be constructed and operated by a nonprofit organization, that the project will not compete with local for-profit businesses; (3) Determine that the action is the best use of the moneys involved, considering other pending applications for those moneys; (4) Find that the project involved is consistent with the Oregon Business Development Department’s comprehensive policy and programs; and (5) Find that the project involved is consistent with applicable adopted local economic development plans.