Sec. 16. (a) Before July 1, 2024, the corporation shall develop a policy that establishes the framework for a READI 2.0 program.

     (b) The policy developed by the corporation shall include detailed information outlining:

(1) the entities that are eligible to submit applications for a grant or loan from the fund;

(2) the elements of a multi-year regional economic acceleration and development strategy, and the information a multi-year regional economic acceleration and development strategy must contain in order to make capital and infrastructure improvement projects to implement the strategy eligible for a grant or loan from the fund;

(3) the types of capital and infrastructure improvement projects that are eligible for financial support from the fund; and

(4) the criteria that will be used by a strategic review committee and the board to analyze applications for a grant or loan from the fund.

     (c) The policy developed by the corporation must require a commitment of matching funds from the eligible regional economic acceleration and development organization.

     (d) The policy developed by the corporation must require that grants or loans awarded from the fund be used by an eligible regional economic acceleration and development organization for capital projects or infrastructure improvements.

     (e) The policy developed by the corporation must be approved by the board after review by the budget committee.

As added by P.L.201-2023, SEC.88.