In consultation with the Board and the Chancellor, the Executive Director shall allocate money in the Knowledge Account created by NRS 231.1592 to the research universities and the Desert Research Institute to provide funding for:

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1.  The recruitment, hiring and retention of research teams and faculty to conduct research in science and technology which has the potential to contribute to economic development in this State;

2.  Research laboratories and related equipment located or to be located in this State;

3.  The construction of research clinics, institutes and facilities and related buildings located or to be located in this State; and

4.  Matching funds for federal and private sector grants and contract opportunities that support economic development consistent with the State Plan for Economic Development developed by the Executive Director pursuant to subsection 2 of NRS 231.053.