§ 4-12-10-4 — Budget agency; Indiana economic development corporation; duties

Indiana § 4-12-10-4

• Jurisdiction: Indiana
• Art. 12: APPROPRIATIONS MANAGEMENT
• Ch. 10: Indiana Economic Development Partnership Fund

Text

(a) The budget agency, after review by the
budget committee, shall enter into an agreement with the Indiana
economic development corporation to do the following:
(1) Review, prioritize, and approve or disapprove proposals for
centers.
(2) Create detailed application procedures and selection criteria
for center proposals. These criteria may include the following:
(A) Geographical proximity to and partnership agreement with
an Indiana public or private postsecondary educational
institution.
(B) Proposed local contributions to the center.
(C) Minimum standards and features for the physical facilities
of a center, including telecommunications infrastructure.
(D) The minimum support services, both technical and
financial, that must be provided by the centers.
(E) Guidelines for selecting entities that may participate in the
center.
(3) Develop performance measures and reporting requirements
for the centers.
(4) Monitor the effectiveness of each center and report its findings
to the governor, the budget agency, and the budget committee
before October 1 of each even-numbered year.
(5) Approve a regional technology center only if the center agrees
to do all of the following:
(A) Nurture the development and expansion of high technology
ventures that have the potential to become high growth
businesses.
(B) Increase high technology employment in Indiana.
(C) Stimulate the flow of new venture capital necessary to
support the growth of high technology businesses in Indiana.
(D) Expand workforce education and training for highly skilled
high technology jobs.
(E) Affiliate with an Indiana public or private postsecondary
educational institution and be located in close proximity to a
campus of a postsecondary educational institution.
(F) Be a party to a written agreement among:
(i) the affiliated university;
(ii) the city or town in which the proposed center is located,
or the county in which the proposed center is located if the
center is not located in a city or town;
(iii) Purdue University, for technical and personnel training
support; and
(iv) any other affiliated entities;
that outlines the responsibilities of each party.
(G) Establish a debt free physical structure designed to
accommodate research and technology ventures.
(H) Provide support services, including business planning,
management recruitment, legal services, securing of seed
capital marketing, and mentor identification.
(I) Establish a commitment of local resources that is at least
equal to the money provided from the fund for the physical
facilities of the center.
(b) The Indiana economic development corporation may not
approve more than five (5) regional technology centers in any
biennium.
(c) The budget agency shall contract with Purdue University:
(1) for any support staff necessary for the budget agency to
provide grants under section 3(a)(3) and 3(a)(4) of this chapter;
and
(2) to provide services under section 7 of this chapter.

Legislative History

As added by P.L.26-2001, SEC.1. Amended by P.L.96-2004, SEC.15; P.L.4-2005, SEC.7; P.L.2-2007, SEC.31.