The authority may use money deposited in the account to award financial assistance, including forgivable loans, to or for the benefit of a political subdivision, and awards of professional services to private individuals or entities, nonprofit entities, and political subdivisions for remediation or other brownfield redevelopment activities. The authority shall, in the manner provided by section 10 of this chapter, adopt guidelines to establish a political subdivision's eligibility for a forgivable loan. The guidelines may provide priority for projects based on the funding source.(b) The financial assistance agreement for a project to be financed with a forgivable loan must specify economic development or redevelopment goals for the project that must be achieved before the political subdivision will be released from its obligation to repay the forgivable loan.As added by P.L.189-2018, SEC.25.
Indiana Legal Code