(a) Through the innovation place program established pursuant to section 32-39k, the CTNext board shall:

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(1) Review and evaluate applications for innovation place designation submitted by entities pursuant to section 32-39l.

(2) (A) Approve applications for innovation place designation and designate such approved applications as an innovation place. Such approval may include modifications to an application, agreed to by the applicant, as a condition for approval thereof. If no such application meets the purposes set forth in section 32-39k or the criteria set forth in this subdivision, the board shall not approve any application for innovation place designation. Preference shall be given to applicants having (i) diverse partners, including, but not limited to, anchor institutions, (ii) partnerships with entities located within the proposed innovation place, and (iii) substantial private funding for expenses associated with the development of the proposed innovation place in relation to the amount of grant moneys requested.

(B) Award grants-in-aid to innovation entities, within available funds, for the allowable grant expenses set forth in an agreement described in this subparagraph. Prior to awarding any such grant-in-aid, the CTNext board shall (i) enter into an agreement with any such innovation entity concerning allowable grant expenses and the submission of an annual financial audit of grant expenditures to the CTNext board until all grant moneys have been expended by the innovation entity, provided any such audit shall be prepared by an independent auditor; (ii) confirm that a significant portion of the underlying zoning of the proposed innovation place allows for mixed-use development, including, but not limited to, housing, office and retail; and (iii) confirm that no portion of a grant-in-aid awarded to an innovation entity be given to an entity that is not part of the master plan for the innovation place. If the CTNext board finds that any such grant-in-aid awarded is being used for purposes that are not in conformity with the expenses allowed pursuant to this section, the CTNext board may require repayment of such grant-in-aid.

(C) No application may be designated as an innovation place by the CTNext board unless such application (i) is consistent with the purposes set forth in section 32-39k, (ii) is for a proposed innovation place where a significant portion of such proposed innovation place is located in an existing or proposed mixed-use zoning district, (iii) was prepared in collaboration with the local chamber of commerce or other industry association and the municipal economic development department, or similar municipal authority, of the municipality in which the proposed innovation place is located, and (iv) is approved by majority vote of the legislative body of the municipality in which the proposed innovation place is to be located.

(D) In determining whether to approve an application for innovation place designation, the CTNext board shall consider, but such consideration shall not be limited to: (i) Whether the entities partnering together to implement and administer the proposed master plan are of the quality to, and have demonstrated the commitment to, implement and administer the master plan in a manner sufficient to achieve the purposes set forth in section 32-39k; (ii) whether the geography of the proposed innovation place is sufficiently compact to achieve the purposes set forth in section 32-39k; (iii) whether the master plan is sufficient to achieve the purposes set forth in section 32-39k and whether such plan includes (I) sufficient measures to ensure walkability of the geographic areas within the municipality that make up the proposed innovation place; (II) sufficient measures to enhance regular interpersonal interactions among residents, workers and visitors of the proposed innovation place; (III) adequate and accessible public transportation; and (IV) existing or proposed restaurants, affordable housing options, retail spaces and public spaces, indoor or outdoor, that provide adequate opportunity for interpersonal interaction; (iv) the extent to which the master plan leverages private investment; (v) self-sustainability of the innovation place after moneys granted by the CTNext board are fully expended; (vi) whether the underlying zoning of the proposed innovation place provides for, or will be amended to provide for, reduced minimum floor area for residential dwelling units; and (vii) any other criteria the CTNext board determines is relevant for evaluating whether the proposed innovation place, if granted innovation place designation, will achieve the purposes set forth in section 32-39k.

(E) The CTNext board shall report, in accordance with the provisions of section 11-4a, to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and finance, revenue and bonding on or before September thirtieth annually, regarding the grants-in-aid distributed pursuant to this section and concerning the operation and effectiveness of the innovation place program.

(3) Publicize and post on its Internet web site the deadline for applications for innovation place designation pursuant to section 32-39l.

(b) Through the innovation place program established pursuant to section 32-39k, the CTNext board may initiate projects or provide grants-in-aid to entities for projects that network innovation places designated as such pursuant to subsection (a) of this section with one another.