(a) An institution may apply to the Secretary to be designated as a qualified institution. (b) To be eligible for designation as a qualified institution, the applicant shall: (1) evidence an intention: (i) to make a significant financial investment or commitment in an area of the State that the applicant intends to become a RISE zone; (ii) to use the resources and expertise of the applicant to spur economic development and community revitalization in an area of the State that the applicant intends to become a RISE zone; and (iii) to create a significant number of new jobs within an area of the State that the applicant intends to become a RISE zone; (2) have a demonstrated history of community involvement and economic development within the communities that the applicant serves; and (3) meet the minimum financial qualifications established by the Secretary. (c) If the applicant is a nonprofit organization that is not an institution of higher education, the application shall demonstrate an affiliation with a federal agency. (d) (1) In addition to the requirements under subsection (b) of this section, the Secretary may establish by regulation any other requirements necessary and appropriate in order for an applicant to be designated as a qualified institution. (2) The Secretary shall adopt regulations that establish factors for evaluating applications under subsection (b) of this section. (e) In the form and content acceptable to the Secretary, an applicant shall submit to the Secretary an application that contains the information that the Secretary considers necessary to evaluate the request for designation as a qualified institution. (f) (1) Within 90 days after submission of an application under this section, the Secretary shall approve or reject the application of an institution to be designated as a qualified institution. (2) At least 30 days before approval or rejection of an application under this section, the Secretary shall notify the Legislative Policy Committee. (3) The Legislative Policy Committee may provide advice to the Secretary regarding the approval or rejection of an institution as a qualified institution.
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