1. (a) Before July 1, 2021, the corporation shall develop a policy that establishes the framework for a READI program.

2. (b) The policy developed by the corporation shall include detailed information outlining:

   1. (1) the entities that are eligible to submit applications for a grant or loan from the fund;
   2. (2) the elements of a regional economic acceleration and development strategy, and the information a regional economic acceleration and development strategy must contain in order to make projects to implement the strategy eligible for a grant or loan from the fund;
   3. (3) the types of projects that are eligible for financial support from the fund; and
   4. (4) the criteria that will be used by a strategic review committee and the board to analyze applications for a grant or loan from the fund.
3. (c) The policy developed by the corporation must be approved by the board after review by the budget committee.

As added by P.L.165-2021, SEC.64.