1. (a) Grants to or on behalf of political subdivisions for qualified economic growth initiatives shall be made by the Indiana economic development corporation established by IC 5-28-3-1 .

2. (b) Each grant shall be made under a grant agreement by and between:

   1. (1) the Indiana economic development corporation; and
   2. (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.

3. (c) Each grant agreement shall describe in detail:

   1. (1) the qualified economic growth initiative;
   2. (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. (3) the estimated cost of the economic growth initiative and all sources of money for the initiative.

4. (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. (1) reviewed by the budget committee established by IC 4-12-1-3 ; and
   2. (2) approved by the budget agency established by IC 4-12-1-3 .
5. (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.
6. (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.