(1) (a) The state of Colorado is hereby authorized to enter into intergovernmental agreements with local governments or the Colorado housing and finance authority, or both, under which moneys from the Colorado business incentive fund shall be expended for economic development purposes. No intergovernmental agreement shall be entered into by the state pursuant to this section prior to the approval of such agreement by the attorney general of the state as to form. For purposes of this section, the state of Colorado shall be represented by the Colorado economic development commission created pursuant to section 24-46-102 and, in addition to any other duties or powers imposed by law, said commission shall review and recommend to the governor expenditures of moneys of the Colorado business incentive fund for the financing of incentives pursuant to this article.

(b) (I) Any entity establishing a new business facility or operation and participating in the provisions of this articleshall give due consideration to the provision of intrastate air service to all areas of Colorado. Any such entity shall file reports as required under section 24-46.6-103. The state shall consider each of the following guidelines in determining whether to enter into an intergovernmental agreement:

(A) The significance of the support and financial incentives to be provided by the local jurisdiction in which the new business facility or operation is to be located;

(B) The significance of the number of jobs in the state which are likely to be generated directly or indirectly as a result of the new business facility or operation and ancillary facilities thereto;

(C) The extent to which the entity establishing the new business facility or operation intends to employ Colorado residents at the new business facility or operation and ancillary facilities thereto;

(D) The extent to which the entity establishing the new business facility or operation intends to contract with Colorado residents and Colorado-based companies for services and goods at the new business facility or operation and ancillary facilities thereto; and

(E) The extent of the public benefits to be derived from the agreement.

(II) The guidelines set forth in subparagraph (I) of this paragraph (b) shall not be a basis for challenging or voiding all or any portion of any intergovernmental agreement.

(2) At a minimum, any intergovernmental agreement relating to the establishment of a new business facility shall be subject to the following requirements:

(a) No intergovernmental agreement shall be entered into unless there is an agreement between the local government or the Colorado housing and finance authority, or both, and the entity which is to establish a new business facility that the entity will operate the facility for no less than thirty years;

(b) The terms of the intergovernmental agreement shall provide that the entity shall employ no less than three thousand employees at the new business facility by July 1 of the tenth year following the effective date of such agreement for the operation of said facility and that the average annual salaries of all employees at the facility at the time specified in the agreement shall be at least forty-five thousand dollars. The terms of such agreement shall further provide for sanctions, including but not limited to termination of the agreement or any benefits thereunder, if the entity fails to meet reasonable projections of the rate of growth in the number of employees.

(c) The terms of the intergovernmental agreement shall provide that the entity shall employ no less than a total of two thousand employees at ancillary facilities within Colorado to the facility by July 1 of the tenth year following the effective date of such agreement for the operation of said facility and that the average annual salaries of all employees at such ancillary facility at the time specified in the agreement shall be at least twenty-two thousand five hundred dollars. The terms of such agreement shall further provide for sanctions, including but not limited to termination of the agreement or any benefits thereunder, if the entity fails to meet reasonable projections of the rate of growth in the number of employees.

(d) An intergovernmental agreement shall provide that the agreement between the local government or the Colorado housing and finance authority, or both, and the entity include procedures and remedies to enforce the terms of such agreement including, but not limited to, the forfeiture of real and personal property rights and interests or liens upon real and personal property, or both.

(3) Effective January 1, 1992, local governments may enter into intergovernmental agreements in relation to the establishment of new business facilities which shall employ a substantial number of new employees receiving an average annual salary of no less than the average annual salary for such local government. Said local governments shall apply to the state of Colorado in order to qualify for financing pursuant to this article; except that no intergovernmental agreement shall be entered into or financed by the state pursuant to this subsection (3) if the person or entity which would benefit from such agreement is establishing a new business facility for which financing could have been received under the provisions of subsection (1) of this section or has established a new business facility for which financing was received pursuant to said subsection (1). The general assembly may appropriate such moneys as may be available for purposes of funding intergovernmental agreements entered into pursuant to this subsection (3).

(4) As used in subsections (2) and (3) of this section, "salary" means the total compensation paid or stipulated to be paid by the entity to employees, before deductions, for services rendered while on the payroll of the entity. "Salary" does not include any amount paid by the entity on behalf of employees for fringe benefits, including, but not limited to, contributions for group health or life insurance, employee retirement, social security, and workers' compensation. For determining the average annual salaries of the employees at the new business facility and ancillary facilities, each employee's salary shall only be counted up to the amount of one hundred twenty-five thousand dollars.

(5) The amount of incentives financed for any person or entity under intergovernmental agreements under this article by the Colorado business incentive fund shall not exceed one hundred fifteen million dollars.

(6) Notwithstanding any other provision of law to the contrary, a city, town, or county, whether home rule or statutory, or a city and county may contribute moneys for the financing of incentives from the Colorado business incentives fund pursuant to this section.