Sec. 5. (a) The purpose of the program is to assist the local economic development organizations that serve economically disadvantaged areas in the recruitment of new businesses.

     (b) The corporation must find that an applicant for a grant under this chapter serves an economically disadvantaged area before approving the grant application.

Terms Used In Indiana Code 5-28-11.5-5

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • economically disadvantaged area: means a county that has an unemployment rate exceeding the state unemployment rate by at least two percent (2%). See Indiana Code 5-28-11.5-1
  • program: refers to the new business recruitment grant program established by section 4 of this chapter. See Indiana Code 5-28-11.5-3
     (c) The corporation may provide a grant under the program to an organization to assist the organization in recruiting new business enterprises to the county or counties served by the organization. The grant may not be used by the organization to pay expenses for which the organization has received a grant under IC 5-28-11 (before its repeal).

     (d) A grant under this chapter may not be used by the organization to provide direct financial assistance to a business or specific development project.

As added by P.L.35-2009, SEC.1. Amended by P.L.145-2016, SEC.8.

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