CHAPTER 10. INDIANA ECONOMIC DEVELOPMENT PARTNERSHIP FUND
IC 4-12-10
Chapter 10. Indiana Economic Development Partnership Fund
IC 4-12-10-1
"Center" defined
Sec. 1. As used in the chapter, "center" refers to a regional
technology center established under section 4 of this chapter.
As added by P.L.26-2001, SEC.1.
IC 4-12-10-2
"Fund" defined
Sec. 2. As used in this chapter, "fund" refers to the Indiana
economic development partnership fund established by section 3 of
this chapter.
As added by P.L.26-2001, SEC.1.
IC 4-12-10-3
Purpose of fund
Sec. 3. (a) The Indiana economic development partnership fund
is established to provide grants for economic development initiatives
that support the following:
(1) The establishment of regional technology and
entrepreneurship centers for the creation of high technology
companies to support access to technology for existing
businesses and for the support of workforce development.
(2) The providing of leadership and technical support necessary
for the centers' start-up operations and long term success.
(3) The expansion of the Purdue Technical Assistance Program
to other postsecondary educational institutions in ten (10)
geographic regions of Indiana.
(4) The creation of a rural/community economic development
regional outreach program by Purdue University.
(5) The expansion of workforce development for high
technology business development through the centers.
(b) The fund shall be administered by the budget agency. The
fund consists of appropriations from the general assembly and gifts
and grants to the fund, including money received from the state
technology advancement and retention account established by
IC 4-12-12-1.
(c) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested.
(d) The money in the fund at the end of a state fiscal year does not
revert to the state general fund but remains in the fund to be used
exclusively for the purposes of this chapter.
As added by P.L.26-2001, SEC.1. Amended by P.L.96-2004, SEC.14;
P.L.2-2007, SEC.30.
IC 4-12-10-4
Budget agency; Indiana economic development corporation; duties
Sec. 4. (a) The budget agency, after review by the budget
committee, shall enter into an agreement with the Indiana economic
development corporation to do the following:
(1) Review, prioritize, and approve or disapprove proposals for
centers.
(2) Create detailed application procedures and selection criteria
for center proposals. These criteria may include the following:
(A) Geographical proximity to and partnership agreement
with an Indiana public or private postsecondary educational
institution.
(B) Proposed local contributions to the center.
(C) Minimum standards and features for the physical
facilities of a center, including telecommunications
infrastructure.
(D) The minimum support services, both technical and
financial, that must be provided by the centers.
(E) Guidelines for selecting entities that may participate in
the center.
(3) Develop performance measures and reporting requirements
for the centers.
(4) Monitor the effectiveness of each center and report its
findings to the governor, the budget agency, and the budget
committee before October 1 of each even-numbered year.
(5) Approve a regional technology center only if the center
agrees to do all of the following:
(A) Nurture the development and expansion of high
technology ventures that have the potential to become high
growth businesses.
(B) Increase high technology employment in Indiana.
(C) Stimulate the flow of new venture capital necessary to
support the growth of high technology businesses in Indiana.
(D) Expand workforce education and training for highly
skilled high technology jobs.
(E) Affiliate with an Indiana public or private postsecondary
educational institution and be located in close proximity to
a campus of a postsecondary educational institution.
(F) Be a party to a written agreement among:
(i) the affiliated university;
(ii) the city or town in which the proposed center is
located, or the county in which the proposed center is
located if the center is not located in a city or town;
(iii) Purdue University, for technical and personnel
training support; and
(iv) any other affiliated entities;
that outlines the responsibilities of each party.
(G) Establish a debt free physical structure designed to
accommodate research and technology ventures.
(H) Provide support services, including business planning,
management recruitment, legal services, securing of seed
capital marketing, and mentor identification.
(I) Establish a commitment of local resources that is at least
equal to the money provided from the fund for the physical
facilities of the center.
(b) The Indiana economic development corporation may not
approve more than five (5) regional technology centers in any
biennium.
(c) The budget agency shall contract with Purdue University:
(1) for any support staff necessary for the budget agency to
provide grants under section 3(a)(3) and 3(a)(4) of this chapter;
and
(2) to provide services under section 7 of this chapter.
As added by P.L.26-2001, SEC.1. Amended by P.L.96-2004, SEC.15;
P.L.4-2005, SEC.7; P.L.2-2007, SEC.31.
IC 4-12-10-5
Local advisory boards
Sec. 5. (a) An approved center must establish a local advisory
board. The advisory board shall establish operating policies and
select entities to locate in the center in accordance with the selection
guidelines established by the local advisory board. A local advisory
board must include an appointee of the following:
(1) The executive of the city or town in which the proposed
center is located or the county in which the proposed center is
located if the center is not located in a city or town.
(2) The president of the affiliated university.
(3) Representatives of local business, industry, and labor.
(b) Except as provided in subsection (a), the size and membership
of a center's local advisory board are at the discretion of the center.
As added by P.L.26-2001, SEC.1.
IC 4-12-10-6
Authorized appropriations
Sec. 6. (a) If the Indiana economic development corporation and
the budget agency approve a center, the budget agency shall allocate
from available appropriations the money authorized to:
(1) subsidize construction or rehabilitation of the physical
facilities; and
(2) cover operating costs, not to exceed two hundred fifty
thousand dollars ($250,000) each year, until the center is
self-sustaining or has identified another source of operating
money or the amount appropriated for this purpose is exhausted.
(b) Operating costs may not be supported by the fund for any
center for more than four (4) years.
As added by P.L.26-2001, SEC.1. Amended by P.L.96-2004, SEC.16;
P.L.4-2005, SEC.8.
IC 4-12-10-7
Assistance from Purdue University
Sec. 7. (a) As Indiana's land grant university, Purdue University
has developed the expertise to provide leadership, assistance,
technical support, and personnel training support for developing
centers. This service shall be provided to each center during the
start-up phases for the center, after which the local personnel shall
provide the services to local companies, with minimal continued
technical support from Purdue University.
(b) Purdue University shall do the following:
(1) Assist center personnel in establishing key components and
methodology to identify, prepare, develop, and incubate
technology based companies.
(2) Assist local communities in planning, feasibility studies, and
proposal development before the submission of a proposal to
the budget agency.
As added by P.L.26-2001, SEC.1.