NRS231.1577. Duties of Executive Director; applications for grant or loan from Account; review and approval of applications; conditions; annual report.

      1.  The Executive Director shall, after considering the advice and recommendations of the Board, establish procedures for applying to the Office for a grant or loan of money from the Catalyst Account created by NRS 231.1573. The procedures must:

      (a) Include, without limitation, a requirement that applications for grants or loans must set forth:

             (1) The proposed use of the grant or loan;

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

             (3) The expected benefits of the grant or loan; and

            (4) A statement of the short-term and long-term impacts of the use of the grant or loan; and

      (b) Allow an applicant to revise his or her application upon the recommendation of the Executive Director.

      2.  In accordance with the procedures established pursuant to subsection 1, any county or incorporated city in this State may apply for a grant or loan of money from the Catalyst Account.

      3.  Upon receipt of an application pursuant to subsection 2, the Executive Director shall review the application and determine whether the approval of the application would promote the economic development of this State and aid the implementation of the State Plan for Economic Development developed by the Executive Director pursuant to subsection 2 of NRS 231.053. If the Executive Director determines that approving the application will promote the economic development of this State and aid the implementation of the State Plan for Economic Development, the Executive Director may approve the application and make a grant or loan of money from the Catalyst Account to the applicant if the applicant is requesting $100,000 or less. If the applicant is requesting more than $100,000, the Board may approve the application and make a grant or loan of money from the Catalyst Account to the applicant.

      4.  On or before November 1, 2012, and on or before November 1 of every year thereafter, the Executive Director shall submit a report to the Governor and to the Director of the Legislative Counsel Bureau for transmittal to the Interim Finance Committee, if the report is received during an odd-numbered year, or to the next session of the Legislature, if the report is received during an even-numbered year. The report must include, without limitation:

      (a) The amount of grants and loans awarded from the Catalyst Account;

      (b) The amount of all grants, gifts and donations to the Catalyst Account from public and private sources;

      (c) The number of businesses which have been created or expanded in this State, or which have relocated to this State, because of grants and loans from the Catalyst Account; and

      (d) The number of jobs which have been created or saved because of grants and loans from the Catalyst Account.

      (Added to NRS by 2011, 3435; A 2013, 402, 2749)