(A) The chancellor of higher education shall establish a program under which a community college established under Chapter 3354., technical college established under Chapter 3357., or state community college established under Chapter 3358. of the Revised Code may apply to the chancellor for authorization to offer applied bachelor's degree programs. The chancellor may approve programs under this section that demonstrate all of the following:

1. (1) Evidence of an agreement between the college and a regional business or industry to train students in an in-demand field and to employ students upon their successful completion of the program;
2. (2) That the workforce need of the regional business or industry is in an in-demand field with long-term sustainability based upon data provided by the governor's office of workforce transformation;
3. (3) Supporting data that identifies the specific workforce need the program will address;
4. (4) The absence of a bachelor's degree program that meets the workforce need addressed by the proposed program that is offered by a state university or private college or university;
5. (5) Willingness of an industry partner to offer workplace-based learning and employment opportunities to students enrolled in the proposed program.

(D) As used in this section:

1. (1) "Applied bachelor's degree" means a bachelor's degree that is both of the following:

   1. (a) Specifically designed for an individual who holds an associate of applied science degree, or its equivalent, in order to maximize application of the individual's technical course credits toward the bachelor's degree;
   2. (b) Based on curriculum that incorporates both theoretical and applied knowledge and skills in a specific technical field.
2. (2) "Private college or university" means a nonprofit institution that holds a certificate of authorization pursuant to Chapter 1713. of the Revised Code.
3. (3) "State university" has the same meaning as in section 3345.011 of the Revised Code.