After considering the advice and recommendations of the Board, the Executive Director shall establish procedures pursuant to which a regional development authority may grant to another organization for economic development any money granted by the Office to the regional development authority to be used for administrative or operating purposes. The procedures must include, without limitation, a requirement that:

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1.  The applications for the grants must set forth:

(a) The proposed use of the grant;

(b) The plans, projects and programs for which the grant will be used;

(c) The expected benefits of the grant; and

(d) A statement of the short-term and long-term impacts of the use of the grant.

2.  The grants must:

(a) Promote the economic development of this State and aid in the implementation of the State Plan for Economic Development developed by the Executive Director pursuant to subsection 2 of NRS 231.053; and

(b) Be used by the organizations for economic development receiving the grants for administrative or operating purposes.

3.  The regional development authorities making the grants and the organizations for economic development receiving the grants must submit to the Office reports concerning the use of the grants, which must include, without limitation:

(a) A description of each activity undertaken with money from the grant and the amount of money used for each such activity;

(b) The return on the money provided by the grant;

(c) A statement of the benefit to the public from the grant; and

(d) Such documentation as the Executive Director deems appropriate to support the information provided in the report.