63034.7.
(a) Following consultation with appropriate state and local agencies, the bank shall establish criteria, priorities, and guidelines for the selection of projects to receive assistance from the bank. Projects shall comply with the criteria, priorities, and guidelines adopted by the bank and comply with the requirements of subdivision (c).(b) The bank shall develop a methodology and process to allow the bank to measure the anticipated economic development benefits of a project.
(c) Beginning January 1, 2013, the bank shall only select a project to receive assistance pursuant to this section if the project meets both of the following criteria:
(1) (A) The project has economic development benefits.
(B) For purposes of this paragraph, a project has economic development benefits if the project would provide for some quantitative level of economic benefit, including, but not limited to, the creation or retention of jobs, growth of the property tax base, growth of sales tax revenues, or as otherwise determined by the bank using the methodology developed pursuant to subdivision (b).
(2) The project meets land use criteria.
(d) The criteria, priorities, and guidelines shall, at a minimum, be based upon the following:
(1) The State Environmental Goals and Policy Report, or its successor, approved pursuant to Article 5 (commencing with Section 65041) of Chapter 1.5 of Division 1 of Title 7.
(2) If the sponsor is a state agency, board, commission, or department, the Capital and Infrastructure Project Planning Report, prepared by the Director of Finance pursuant to Article 2 (commencing with Section 13100) of Chapter 2 of Part 3 of Division 3 of Title 2.
(e) When the bank establishes or makes changes to the criteria, priorities, and guidelines, the bank shall notify the Governor, the fiscal and policy committees of the Legislature that exercise legislative oversight of the bank, and appropriate state and local agencies.
(f) The resolution required in Section 63041 shall have been adopted prior to the project’s selection by the bank.