§ 4-10-18-16 — Grants

(a) Grants to or on behalf of political
subdivisions for qualified economic growth initiatives shall be made by
the Indiana economic development corporation established by IC 5-28-3-1.
(b) Each grant shall be made under a grant agreement by and
between:
(1) the Indiana economic development corporation; and
(2) the political subdivision proposing the economic growth
initiative or the person (as defined in IC 36-1-2-12) acting on
behalf of the political subdivision.
(c) Each grant agreement shall describe in detail:
(1) the qualified economic growth initiative;
(2) the financing plan by the political subdivision proposing the
economic growth initiative or by the person acting on behalf of
the political subdivision; and
(3) the estimated cost of the economic growth initiative and all
sources of money for the initiative.
(d) The Indiana economic development corporation may not execute
and deliver a grant agreement under this section, and no money may be
disbursed from the economic growth initiatives account, until the grant
agreement has been:
(1) reviewed by the budget committee established by IC 4-12-1-3;
and
(2) approved by the budget agency established by IC 4-12-1-3.
(e) In addition to the requirements of subsection (d), no money may
be disbursed for a grant from the economic growth initiatives account
without an appropriation made by the general assembly for that
purpose, unless the grant is for a qualified economic growth initiative
for a government building that is to be occupied by an agency of the
federal government.
(f) Not more than twenty-five percent (25%) of any grant may be
used for training or retraining employees whose jobs will be created or
retained as a result of the economic growth initiative.

Legislative History

As added by P.L.28-1993, SEC.5. Amended by P.L.4-2005, SEC.6.