1. (1) In the implementation of the Kentucky Product Development Initiative, the Kentucky Association for Economic Development shall:

   1. (a) Process the grant applications;
   2. (b) Determine whether a grant applicant is an eligible grant recipient and seeking a grant for an eligible project;
   3. (c) Evaluate the project site cited or proposed by each grant applicant in accordance with the program's evaluation model described in KRS 154.21-035 and based on the criteria recommended by the third-party independent site selection consultant;
   4. (d) Score each grant applicant's project pursuant to the scoring system described in KRS 154.21-040;
   5. (e) Rank the grant applicants: 1. In a manner that prioritizes the greatest return on investment, workforce creation, and relative positive impact on the community; and 2. Based on the project site evaluation and subsequent project score described in KRS 154.21-035 and 154.21-040;
   6. (f) Compile a list of proposed grant recipients whose eligible project demonstrates a high level of investment potential if a grant is made, as revealed by the evaluation, scoring, and ranking process described in this section and KRS 154.21-035 and 154.21-040;
   7. (g) Submit the proposed grant recipients and their prioritization to the cabinet for final selection of the grant recipients;
   8. (h) Provide detailed feedback to all grant applicants after the project site evaluation and project score are completed; and
   9. (i) Compile an annual report for the cabinet conveying the following information about the program: 1. A list of all program applicants; 2. 3. The identity of applicants who were not selected for recommendation; Trends found in feedback given to applicants who were not selected for recommendation; Eligible uses of the properties cited in the grant applications; and 4. 5. Any other information requested by the cabinet.
2. (2) The Kentucky Association for Economic Development shall contract with a third- party independent site selection consultant to assist with the grant applicant site evaluations, scoring, prioritization, and recommendations described in this section and KRS 154.21-035 and 154.21-040.

Effective: July 14, 2022

History: Created 2022 Ky. Acts ch. 176, sec. 5, effective July 14, 2022. Legislative Research Commission Note (7/14/2022). In codification, a correction has been made to subsection (1)(c) of this statute. 2022 House Bill 745, Section 5, which created this statute, contained a reference in subsection (1)(c) to "Section 7 of this Act," which has been codified as KRS 154.21-040. However, it is clear from the text and context that the reference was intended to read "Section 6 of this Act," which has been codified as KRS 154.21-035. Under the authority of KRS 7.136, the Reviser of Statutes has corrected this reference.