Sec. 16. (a) Before July 1, 2021, the corporation shall develop a policy that establishes the framework for a READI program.
(b) The policy developed by the corporation shall include detailed information outlining:
(1) the entities that are eligible to submit applications for a grant or loan from the fund;
(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) the types of projects that are eligible for financial support from the fund; and
(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.
(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.