IC 4-12-10
    Chapter 10. Indiana Economic Development Partnership Fund

IC 4-12-10-1
"Center" defined
    Sec. 1. As used in the chapter, "center" refers to a regionaltechnology center established under section 4 of this chapter.
As added by P.L.26-2001, SEC.1.

IC 4-12-10-2
"Fund" defined
    Sec. 2. As used in this chapter, "fund" refers to the Indianaeconomic development partnership fund established by section 3 ofthis chapter.
As added by P.L.26-2001, SEC.1.

IC 4-12-10-3
Purpose of fund
    Sec. 3. (a) The Indiana economic development partnership fundis established to provide grants for economic development initiativesthat support the following:
        (1) The establishment of regional technology andentrepreneurship centers for the creation of high technologycompanies to support access to technology for existingbusinesses and for the support of workforce development.
        (2) The providing of leadership and technical support necessaryfor the centers' start-up operations and long term success.
        (3) The expansion of the Purdue Technical Assistance Programto other postsecondary educational institutions in ten (10)geographic regions of Indiana.
        (4) The creation of a rural/community economic developmentregional outreach program by Purdue University.
        (5) The expansion of workforce development for hightechnology business development through the centers.
    (b) The fund shall be administered by the budget agency. Thefund consists of appropriations from the general assembly and giftsand grants to the fund, including money received from the statetechnology advancement and retention account established byIC 4-12-12-1.
    (c) The treasurer of state shall invest the money in the fund notcurrently needed to meet the obligations of the fund in the samemanner as other public funds may be invested.
    (d) The money in the fund at the end of a state fiscal year does notrevert to the state general fund but remains in the fund to be usedexclusively for the purposes of this chapter.
As added by P.L.26-2001, SEC.1. Amended by P.L.96-2004, SEC.14;P.L.2-2007, SEC.30.

IC 4-12-10-4
Budget agency; Indiana economic development corporation; duties    Sec. 4. (a) The budget agency, after review by the budgetcommittee, shall enter into an agreement with the Indiana economicdevelopment corporation to do the following:
        (1) Review, prioritize, and approve or disapprove proposals forcenters.
        (2) Create detailed application procedures and selection criteriafor center proposals. These criteria may include the following:
            (A) Geographical proximity to and partnership agreementwith an Indiana public or private postsecondary educationalinstitution.
            (B) Proposed local contributions to the center.
            (C) Minimum standards and features for the physicalfacilities of a center, including telecommunicationsinfrastructure.
            (D) The minimum support services, both technical andfinancial, that must be provided by the centers.
            (E) Guidelines for selecting entities that may participate inthe center.
        (3) Develop performance measures and reporting requirementsfor the centers.
        (4) Monitor the effectiveness of each center and report itsfindings to the governor, the budget agency, and the budgetcommittee before October 1 of each even-numbered year.
        (5) Approve a regional technology center only if the centeragrees to do all of the following:
            (A) Nurture the development and expansion of hightechnology ventures that have the potential to become highgrowth businesses.
            (B) Increase high technology employment in Indiana.
            (C) Stimulate the flow of new venture capital necessary tosupport the growth of high technology businesses in Indiana.
            (D) Expand workforce education and training for highlyskilled high technology jobs.
            (E) Affiliate with an Indiana public or private postsecondaryeducational institution and be located in close proximity toa 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 islocated, or the county in which the proposed center islocated if the center is not located in a city or town;
                (iii) Purdue University, for technical and personneltraining support; and
                (iv) any other affiliated entities;
            that outlines the responsibilities of each party.
            (G) Establish a debt free physical structure designed toaccommodate research and technology ventures.
            (H) Provide support services, including business planning,management recruitment, legal services, securing of seedcapital marketing, and mentor identification.            (I) Establish a commitment of local resources that is at leastequal to the money provided from the fund for the physicalfacilities of the center.
    (b) The Indiana economic development corporation may notapprove more than five (5) regional technology centers in anybiennium.
    (c) The budget agency shall contract with Purdue University:
        (1) for any support staff necessary for the budget agency toprovide grants under section 3(a)(3) and 3(a)(4) of this chapter;and
        (2) to provide services under section 7 of this chapter.
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.

IC 4-12-10-5
Local advisory boards
    Sec. 5. (a) An approved center must establish a local advisoryboard. The advisory board shall establish operating policies andselect entities to locate in the center in accordance with the selectionguidelines established by the local advisory board. A local advisoryboard must include an appointee of the following:
        (1) The executive of the city or town in which the proposedcenter is located or the county in which the proposed center islocated if the center is not located in a city or town.
        (2) The president of the affiliated university.
        (3) Representatives of local business, industry, and labor.
    (b) Except as provided in subsection (a), the size and membershipof a center's local advisory board are at the discretion of the center.
As added by P.L.26-2001, SEC.1.

IC 4-12-10-6
Authorized appropriations
    Sec. 6. (a) If the Indiana economic development corporation andthe budget agency approve a center, the budget agency shall allocatefrom available appropriations the money authorized to:
        (1) subsidize construction or rehabilitation of the physicalfacilities; and
        (2) cover operating costs, not to exceed two hundred fiftythousand dollars ($250,000) each year, until the center isself-sustaining or has identified another source of operatingmoney or the amount appropriated for this purpose is exhausted.
    (b) Operating costs may not be supported by the fund for anycenter for more than four (4) years.
As added by P.L.26-2001, SEC.1. Amended by P.L.96-2004, SEC.16;P.L.4-2005, SEC.8.

IC 4-12-10-7
Assistance from Purdue University
    Sec. 7. (a) As Indiana's land grant university, Purdue Universityhas developed the expertise to provide leadership, assistance,

technical support, and personnel training support for developingcenters. This service shall be provided to each center during thestart-up phases for the center, after which the local personnel shallprovide the services to local companies, with minimal continuedtechnical support from Purdue University.
    (b) Purdue University shall do the following:
        (1) Assist center personnel in establishing key components andmethodology to identify, prepare, develop, and incubatetechnology based companies.
        (2) Assist local communities in planning, feasibility studies, andproposal development before the submission of a proposal tothe budget agency.
As added by P.L.26-2001, SEC.1.