1. The department of economic development may enter into contracts with any institutions of higher education within the state for the purpose of providing ready access to all state forms, regulations, requirements and other information necessary to conduct business in the state. Each such office shall be known as a “Business Assistance Office” and shall coordinate services with a regional business assistance office established pursuant to section 620.500.

2. Each business assistance office may provide research, development or training programs for new or alternative small businesses, industries, or high technology businesses within the state. Each business assistance office may also provide needs assessment relating to small businesses, industries or high technology businesses. Each office may also provide feasibility studies relating to potential markets and employment opportunities.

3. Each party entering into a contract with the department of economic development to provide or administer a business assistance office shall, prior to the issuance of such a contract, submit to the department of economic development a detailed description of quantifiable performance appraisal measures and goals pertaining to the proposed efforts and results in marketing services provided by the business assistance office. The department of economic development shall review such material. When a contract to establish a business assistance office is renewed, renegotiated, or otherwise reissued, a contractor’s actual efforts and results pertaining to the performance appraisal measures and goals shall be a criterion in the rewarding or renewal of a contract to establish or administer a business assistance office.