DIGEST OF INTRODUCED BILL
Criteria for industrial development programs. Provides that in deciding whether to approve a proposed industrial development program for purposes of awarding a loan from the industrial development fund, the department of commerce (department) and the state board of finance may not: (1) require the qualified entity to provide evidence of preliminary commitments from businesses or other entities to initiate or complete any project or construction proposed as part of the program; or (2) base the approval decision on the presence or lack of such evidence. Specifies that in awarding grants from the industrial development grant fund, the department must approve programs in the manner specified for the approval of programs for loans from the industrial development fund. Provides that grants may be awarded for the construction or extension of utilities or public infrastructure in order to improve the chance of securing future commitments by businesses or other entities to collaborate on an industrial development program. Provides that if a unit adopts an ordinance after June 30, 2003, to create an economic development district, a qualified industrial development project proposed for the district is not required to be supported by preliminary commitments from businesses or other entities to initiate or complete the project. Provides that the department, in determining whether to grant a preliminary certification allowing the unit to proceed with the creation of the district, may not base its determination on the likelihood that the proposed project will be initiated and accomplished.