§ 5-28-16-4 — Powers and duties of board; reporting

(a) The board has the following powers:
(1) To accept, analyze, and approve applications under this
chapter.
(2) To contract with experts for advice and counsel.
(3) To employ staff to assist in carrying out this chapter, including
providing assistance to applicants who wish to apply for a grant
or loan from the fund, analyzing proposals, working with experts
engaged by the board, and preparing reports and
recommendations for the board.
(4) To approve applications for grants or loans from the fund,
subject to budget agency review under section 2(e) of this chapter.
(5) To establish programs and initiatives with corresponding
investment policies.
(b) The board shall give priority to applications for grants or loans
from the fund that:
(1) have the greatest economic development potential; and
(2) require the lowest ratio of money from the fund compared
with the combined financial commitments of the applicant and
those cooperating on the project.
(c) The board shall make final funding determinations for
applications for grants or loans from the fund, subject to budget agency
review under section 2(e) of this chapter. In making a determination on
a proposal intended to obtain federal or private research funding, the
board shall be advised by a peer review panel and shall consider the
following factors in evaluating the proposal:
(1) The scientific merit of the proposal.
(2) The predicted future success of federal or private funding for
the proposal.
(3) The ability of the researcher to attract merit based scientific
funding of research.
(4) The extent to which the proposal evidences interdisciplinary
or interinstitutional collaboration among two (2) or more Indiana
postsecondary educational institutions or private sector partners,
as well as cost sharing and partnership support from the business
community.
The purposes for which grants and loans may be made include erecting,
constructing, reconstructing, extending, remodeling, improving,
completing, equipping, and furnishing research and technology transfer
facilities.
(d) The peer review panel shall be chosen by and report to the
board. In determining the composition and duties of a peer review
panel, the board shall consider the National Institutes of Health and the
National Science Foundation peer review processes as models. The
members of the panel must have extensive experience in federal
research funding. A panel member may not have a relationship with
any private entity or postsecondary educational institution in Indiana
that would constitute a conflict of interest for the panel member.
(e) In making a determination on any other application for a grant
or loan from the fund involving a proposal to transfer research results
and technologies into marketable products or commercial ventures, the
board shall consult with experts as necessary to analyze the likelihood
of success of the proposal and the relative merit of the proposal.
(f) A grant or loan from the fund may not be submitted for review
by the budget agency under section 2(e) of this chapter unless the grant
or loan has received a positive recommendation from a peer review
panel described in this section.
(g) The corporation shall include information concerning grants and
loans made under this chapter in the economic incentives and
compliance report submitted under IC 5-28-28.

Legislative History

As added by P.L.4-2005, SEC.34. Amended by P.L.1-2006, SEC.129; P.L.2-2007, SEC.109; P.L.213-2015, SEC.72; P.L.145-2016, SEC.17; P.L.237-2017, SEC.22; P.L.130-2018, SEC.15.