1. (a) A development authority may submit an application to the corporation under this section for review and approval of the development authority's regional development plan without applying for a grant or loan from the fund.

2. (b) The following apply to an application submitted by a development authority that is not applying for a grant or loan from the fund as part of the application:

   1. (1) The application must be made in a form prescribed by the board.

   2. (2) The application must include the following:

      1. (A) A comprehensive development plan and timeline.
      2. (B) A detailed financial analysis that includes the commitment of resources and a return on investment analysis.
      3. (C) A description of the expected local, regional, and state impact of the proposed projects included in the development plan.
      4. (D) Any other information that the corporation finds useful or necessary for review and approval of the development plan.
3. (c) An application under this section may request that information that may be excepted from disclosure under IC 5-14-3 that is submitted by the applicant be kept confidential.

4. (d) The board shall review an application submitted under this section concerning a regional development plan. The board shall consider the following in reviewing an application:

   1. (1) The overall economic development potential of the plan.
   2. (2) The degree of regional collaboration under the plan.
   3. (3) The level of state and local financial commitment required to implement the plan.
   4. (4) The plan's conformance to any other review criteria established by the board.
5. (e) After review of an application under this section, the board may approve the development plan.

As added by P.L.237-2017, SEC.38.