A Recipient of Investment Assistance under parts 305 or 307 of this chapter may receive a performance award in connection with an Investment made on or after the date of enactment of section 215 of PWEDA in an amount not to exceed 10 percent of the amount of the Investment award.

To receive a performance award, a Recipient must demonstrate Project performance in one or more of the areas listed in this paragraph, weighted at the discretion of the Assistant Secretary:

Meet or exceed the Recipient's projection of jobs created;

Meet or exceed the Recipient's projection of private sector capital invested;

Meet or exceed target dates for Project start and completion stated at the time of Investment approval;

Fulfill the application evaluation criteria set forth in § 301.8 of this chapter; or

Demonstrate other unique Project performance characteristics as determined by the Assistant Secretary.

A Recipient may receive a performance award no later than three years following the Project's closeout.

A performance award may fund up to 100 percent of the cost of an eligible Project or any other authorized activity under PWEDA. For the purpose of meeting the non-Federal share requirement of PWEDA or any other statute, the amount of a performance award shall be treated as non-Federal funds.

The applicable FFO will set forth the requirements, qualifications, guidelines and procedures for performance awards to be made during the applicable fiscal year, with all performance awards being subject to the availability of funds.