Good life district; terminate; conditions

(b) Commitments for fifty percent of the investment threshold required under subdivision (2)(a) of section 77-4405 have not been made within seven years after establishment of such district;

(c) Commitments for seventy-five percent of the investment threshold required under subdivision (2)(a) of section 77-4405 have not been made within ten years after establishment of such district; or

(d) The city or village in which all or a portion of the good life district is located has not established a good life district economic development program as provided in section 77-4412 within three years after establishment of such district, except that this subdivision shall not apply if the city or village is the good life district applicant and shall not apply to any city of the metropolitan class with an enhanced employment area within the good life district.

(2) The department shall measure the amount of commitments for such investment from evidence submitted by the good life district applicant, the city or village in which all or a portion of the district is located, or any other source determined appropriate by the department. The department shall accept evidence of such commitments from any source so long as the evidence relates to any portion of the project described in the application, as amended or supplemented. Certification by the city or village in which all or a portion of the good life district is located that the evidence submitted represents commitments for investment in the project described in the application shall be conclusive and accepted by the department, and such commitments shall be counted toward the applicable threshold. Any such certification by a city or village shall not limit or restrict the department's acceptance of evidence of commitments from the good life district applicant or any other source.

(3) The department may terminate a good life district prior to the establishment of a good life district economic development program pursuant to section 77-4412 upon the request of the good life district applicant. For any good life district that has one or more project areas, such termination may also be requested by the city or village in which all or a portion of the good life district is located.

(4)(a) Any termination of a good life district pursuant to this section shall require the recapture of any unencumbered amounts remaining in a good life district economic development fund established under section 77-4414 for the good life district being terminated. Such amounts shall be remitted to the State Treasurer for credit to the General Fund.

(b) The recapture required by this subsection shall not occur if the failure to meet the requirements in subsection (1) of this section was caused by an act of God or a national emergency.