(b) Each grant shall be made under a grant agreement by and between:(1) the Indiana economic development corporation; and(2) the political subdivision proposing the economic growth initiative or the person (as defined in IC 36-1-2-12) acting on behalf of the political subdivision.(c) Each grant agreement shall describe in detail:(1) the qualified economic growth initiative;(2) the financing plan by the political subdivision proposing the economic growth initiative or by the person acting on behalf of the political subdivision; and(3) the estimated cost of the economic growth initiative and all sources of money for the initiative.(d) The Indiana economic development corporation may not execute and deliver a grant agreement under this section, and no money may be disbursed from the economic growth initiatives account, until the grant agreement has been:(1) reviewed by the budget committee established by IC 4-12-1-3; and(2) approved by the budget agency established by IC 4-12-1-3.(e) In growth initiatives account, until the grant agreement has been:(1) reviewed by the budget committee established by IC 4-12-1-3; and(2) approved by the budget agency established by IC 4-12-1-3.(e) In addition to the requirements of subsection (d), no money may be disbursed for a grant from the economic growth initiatives account without an appropriation made by the general assembly for that purpose, unless the grant is for a qualified economic growth initiative for a government building that is to be occupied by an agency of the federal government.(f) Not more than twenty-five percent (25%) of any grant may be used for training or retraining employees whose jobs will be created or retained as a result of the economic growth initiative.As added by P.L.28-1993, SEC.5. Amended by P.L.4-2005, SEC.6.
Indiana Legal Code