(a)  The purpose of this fund is to assist defense-dependent municipalities to develop and implement alternative economic diversification strategies that repurpose surplus defense facilities and properties. All funds appropriated for the purposes of this program are eligible to be used for matching of federal funds.

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(b)  The specific allocation of the funds shall be determined by the commerce corporation after consultation with the fund’s advisory board and within the following program guidelines:

(1)  Eligible applicants include defense-dependent municipalities and regions and local economic development organizations located within such communities. The program shall be administered by the commerce corporation and grant awards may be provided to support community-based activities that:

(i)  Assist communities in defense-dependent municipalities and regions to plan, analyze, and develop transitional strategies that maximize uses for surplus defense properties;

(ii)  Diversify and further commercialize the local economy of a defense-dependent community; and

(iii)  Encourage the development of public/private partnerships focused within the high-growth fields of information technology, cyber security, engineering, and advanced manufacturing.