House committee approves economic development fund

BOISE (AP) - A House committee has approved a bill creating a $3 million fund to help entice companies considering a move to Idaho.

The bill approved Monday by the House Business Committee aims to boost Idaho's economic appeal and incentives package.

Department of Commerce Director Jeff Sayer said Idaho recently used state funds to snag companies like Greek yogurt maker Chobani and aircraft parts company Unitech Composites. He says money for incentives - like helping pay for new infrastructure - would increase competitiveness with nearby states.

But the bill comes with a catch. Businesses seeking to tap the fund must first prove they can meet certain economic benchmarks.

Sayer says that protects taxpayer dollars.

Idaho Freedom Foundation Executive Director Wayne Hoffman criticized the bill, saying it picks winners and losers.