1. (a) The budget agency, after review by the budget committee, shall enter into an agreement with the Indiana economic development corporation to do the following:

   1. (1) Review, prioritize, and approve or disapprove proposals for centers.

   2. (2) Create detailed application procedures and selection criteria for center proposals. These criteria may include the following:

      1. (A) Geographical proximity to and partnership agreement with an Indiana public or private postsecondary educational institution.
      2. (B) Proposed local contributions to the center.
      3. (C) Minimum standards and features for the physical facilities of a center, including telecommunications infrastructure.
      4. (D) The minimum support services, both technical and financial, that must be provided by the centers.
      5. (E) Guidelines for selecting entities that may participate in the center.
   3. (3) Develop performance measures and reporting requirements for the centers.
   4. (4) Monitor the effectiveness of each center and report its findings to the governor, the budget agency, and the budget committee before October 1 of each even-numbered year.

   5. (5) Approve a regional technology center only if the center agrees to do all of the following:

      1. (A) Nurture the development and expansion of high technology ventures that have the potential to become high growth businesses.
      2. (B) Increase high technology employment in Indiana.
      3. (C) Stimulate the flow of new venture capital necessary to support the growth of high technology businesses in Indiana.
      4. (D) Expand workforce education and training for highly skilled high technology jobs.
      5. (E) Affiliate with an Indiana public or private postsecondary educational institution and be located in close proximity to a campus of a postsecondary educational institution.

      6. (F) Be a party to a written agreement among:

         1. (i) the affiliated university;
         2. (ii) the city or town in which the proposed center is located, or the county in which the proposed center is located if the center is not located in a city or town;
         3. (iii) Purdue University, for technical and personnel training support; and

         4. (iv) any other affiliated entities;

            that outlines the responsibilities of each party.

      7. (G) Establish a debt free physical structure designed to accommodate research and technology ventures.
      8. (H) Provide support services, including business planning, management recruitment, legal services, securing of seed capital marketing, and mentor identification.
      9. (I) Establish a commitment of local resources that is at least equal to the money provided from the fund for the physical facilities of the center.
2. (b) The Indiana economic development corporation may not approve more than five (5) regional technology centers in any biennium.

3. (c) The budget agency shall contract with Purdue University:

   1. (1) for any support staff necessary for the budget agency to provide grants under section 3(a)(3) and 3(a)(4) of this chapter; and
   2. (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.