DIGEST OF INTRODUCED BILL
Criteria for industrial development programs. Provides that, in deciding whether to award a loan from the industrial development fund, the economic development corporation (corporation) and the state board of finance may not: (1) require evidence of preliminary commitments to initiate or complete the program; or (2) base their decision on such evidence. Requires the secretary of commerce, in awarding grants from the industrial development grant fund, to use the same standards used for loans from the industrial development fund. Provides that grants may be awarded for the construction of utilities or public infrastructure to improve the chance of securing future commitments for an industrial development program. Provides that if a unit adopts an ordinance after June 30, 2006, to create an economic development district, a qualified industrial development project proposed for the district is not required to be supported by certain preliminary commitments. Provides that the corporation, in determining whether to preliminarily authorize a district, may not base its determination on the likelihood that a proposed project will be initiated or accomplished. Updates references to certain federal statutes.