IC 5-28-11.5
    Chapter 11.5. New Business Recruitment Grants for LocalEconomic 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 stateunemployment 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 developmentorganization" (referred to as "organization") includes the following:
        (1) An urban enterprise association established underIC 5-28-15 (or IC 4-4-6.1 before its repeal).
        (2) An economic development commission established underIC 36-7-12.
        (3) A nonprofit corporation established under state law whoseprimary purpose is the promotion of industrial or businessdevelopment in Indiana, the retention or expansion of Indianabusinesses, or the development of entrepreneurial activities inIndiana.
        (4) A regional planning commission established underIC 36-7-7.
        (5) A nonprofit educational organization whose primarypurpose is educating and developing local leadership foreconomic development initiatives.
        (6) Other similar organizations whose purposes includeeconomic development and that are approved by thecorporation.
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 newbusiness recruitment grant program established by section 4 of thischapter.
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 isestablished.
    (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 localeconomic development organizations that serve economicallydisadvantaged areas in the recruitment of new businesses.
    (b) The corporation must find that an applicant for a grant underthis chapter serves an economically disadvantaged area beforeapproving the grant application.
    (c) The corporation may provide a grant under the program to anorganization to assist the organization in recruiting new businessenterprises to the county or counties served by the organization. Thegrant may not be used by the organization to pay expenses for whichthe organization has received a grant under IC 5-28-11.
    (d) A grant under this chapter may not be used by the organizationto provide direct financial assistance to a business or specificdevelopment 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 anorganization that serves only one (1) county; or
        (2) seventy-five thousand dollars ($75,000), in the case of agrant 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 guidelinesgoverning application criteria and procedures for organizationsapplying 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 thecosts of administering this chapter.
As added by P.L.35-2009, SEC.1.

IC 5-28-11.5-9
Local economic development organization recruitment fundestablished; uses; revenue sources; administration; investments;nonreverting fund
    Sec. 9. (a) The local economic development organizationrecruitment fund is established within the state treasury as adedicated fund. Money in the fund must be spent by the corporationexclusively 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 fromIndiana's apportionment of general state assistance grantsprovided to the states under the federal American Recovery andReinvestment Act of 2009 or another federal economic stimuluslaw enacted in 2009.
    (c) The corporation shall administer the fund. The following maybe paid from money in the fund:
        (1) Grants made under this chapter.
        (2) Expenses of administering the fund.
        (3) The corporation's nonrecurring administrative expensesincurred to carry out the purposes of this chapter.
    (d) 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. Interest that accruesfrom these investments shall be deposited in the fund.
    (e) Money remaining in the fund at the end of a state fiscal yeardoes not revert to the state general fund.
As added by P.L.35-2009, SEC.1.