CHAPTER 11.5. NEW BUSINESS RECRUITMENT GRANTS FOR LOCAL ECONOMIC DEVELOPMENT ORGANIZATIONS - Indiana Statutes

IC 5-28-11.5
     Chapter 11.5. New Business Recruitment Grants for Local Economic Development Organizations

IC 5-28-11.5-1
"Economically disadvantaged area"
     Sec. 1. As used in this chapter, "economically disadvantaged area" means a county that has an unemployment rate exceeding the state unemployment rate by at least two percent (2%).
As added by P.L.35-2009, SEC.1.

IC 5-28-11.5-2
"Local economic development organization"
     Sec. 2. As used in this chapter, "local economic development organization" (referred to as "organization") includes the following:
        (1) An urban enterprise association established under IC 5-28-15 (or IC 4-4-6.1 before its repeal).
        (2) An economic development commission established under IC 36-7-12.
        (3) A nonprofit corporation established under state law whose primary purpose is the promotion of industrial or business development in Indiana, the retention or expansion of Indiana businesses, or the development of entrepreneurial activities in Indiana.
        (4) A regional planning commission established under IC 36-7-7.
        (5) A nonprofit educational organization whose primary purpose is educating and developing local leadership for economic development initiatives.
        (6) Other similar organizations whose purposes include economic development and that are approved by the corporation.
As added by P.L.35-2009, SEC.1.

IC 5-28-11.5-3
"Program"
     Sec. 3. As used in this chapter, "program" refers to the new business recruitment grant program established by section 4 of this chapter.
As added by P.L.35-2009, SEC.1.

IC 5-28-11.5-4
New business recruitment grant program established
     Sec. 4. (a) The new business recruitment grant program is established.
    (b) The program is administered by the corporation.
As added by P.L.35-2009, SEC.1.

IC 5-28-11.5-5
Indiana economic development corporation authorized to make

grants to local economic development organizations
     Sec. 5. (a) The purpose of the program is to assist the local economic development organizations that serve economically disadvantaged areas in the recruitment of new businesses.
    (b) The corporation must find that an applicant for a grant under this chapter serves an economically disadvantaged area before approving the grant application.
    (c) The corporation may provide a grant under the program to an organization to assist the organization in recruiting new business enterprises to the county or counties served by the organization. The grant may not be used by the organization to pay expenses for which the organization has received a grant under IC 5-28-11.
    (d) A grant under this chapter may not be used by the organization to provide direct financial assistance to a business or specific development project.
As added by P.L.35-2009, SEC.1.

IC 5-28-11.5-6
Maximum grant amounts
     Sec. 6. A grant under this chapter may not exceed:
        (1) fifty thousand dollars ($50,000), in the case of a grant to an organization that serves only one (1) county; or
        (2) seventy-five thousand dollars ($75,000), in the case of a grant to an organization that serves at least two (2) counties.
As added by P.L.35-2009, SEC.1.

IC 5-28-11.5-7
Policies and procedures
     Sec. 7. The corporation may adopt policies and guidelines governing application criteria and procedures for organizations applying for grants under this chapter.
As added by P.L.35-2009, SEC.1.

IC 5-28-11.5-8
Administrative costs
     Sec. 8. Money appropriated for the program may be used for the costs of administering this chapter.
As added by P.L.35-2009, SEC.1.

IC 5-28-11.5-9
Local economic development organization recruitment fund established; uses; revenue sources; administration; investments; nonreverting fund
     Sec. 9. (a) The local economic development organization recruitment fund is established within the state treasury as a dedicated fund. Money in the fund must be spent by the corporation exclusively for grants and other purposes described in this chapter.
    (b) The fund consists of:
        (1) appropriations from the general assembly;
        (2) interest deposited into the fund under subsection (d); and         (3) any money available for the purposes of this chapter from Indiana's apportionment of general state assistance grants provided to the states under the federal American Recovery and Reinvestment Act of 2009 or another federal economic stimulus law enacted in 2009.
    (c) The corporation shall administer the fund. The following may be paid from money in the fund:
        (1) Grants made under this chapter.
        (2) Expenses of administering the fund.
        (3) The corporation's nonrecurring administrative expenses incurred to carry out the purposes of this chapter.
    (d) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund.
    (e) Money remaining in the fund at the end of a state fiscal year does not revert to the state general fund.
As added by P.L.35-2009, SEC.1.