A. A local or regional economic development agency may submit an application to the commission for an economic development grant. An applying agency shall comply with deadlines and guidelines published by the commission. A grant application shall include a statement of:

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(1)     the amount of money that the local or regional economic development agency has allocated to employ economic development professionals;

(2)     the amount of matching grant money that the local or regional economic development agency requests; and

(3)     the ways that the local or regional economic development agency’s employment of one or more economic development professionals will expand the agency’s economic development or job-creation efforts in the agency’s local area or region or in the state.

B. During the time that one or more economic development professionals are employed by a local or regional economic development agency using grant money, the agency shall report annually to the commission. A report shall include:

(1)     the name, dates of employment and professional credentials of each economic development professional employed by the local or regional economic development agency using grant money; and

(2)     detailed information about each economic development professional’s role and contributions to the local or regional economic development agency, including:

(a) new jobs in the agency’s local area or region or in the state that are attributable to the professional’s efforts;

(b) the number of cases that the professional completed; (c) the number of cases that the professional managed;

(d) the number of job-creation leads generated by the professional; and

(e) the number of job-creation projects sourced through the professional’s marketing efforts.