(1) Beginning July 1, 2024, an eligible grantee may apply to the Department of Economic Development for a grant under the Municipality Infrastructure Aid Act on forms created by the department. (2) To be eligible for a grant under the Municipality Infrastructure Aid Act, an eligible grantee shall include the following in its application: (a) The infrastructure improvements that are a part of a redevelopment plan approved under the Community Development Law; (b) How the infrastructure improvements would attract and support any new business or business expansion; (c) How the infrastructure improvements would provide infrastructure that is sufficient for the new business or business expansion; (d) The cost-benefit analysis of the redevelopment plan approved under the Community Development Law; and (e) How the new business or business expansion would provide the following: (i) The creation of additional jobs in or near the eligible grantee; (ii) The creation of high-quality jobs in or near the eligible grantee; (iii) Increased business investment in or near the eligible grantee; and (iv) Revitalization of rural and other distressed areas of the state. (3) A grant shall not be awarded to an eligible grantee if: (a) The eligible grantee does not provide a positive cost-benefit analysis of the redevelopment plan approved under the Community Development Law; or (b) The eligible grantee does not provide matching funds in the amount of at least twenty-five percent of the amount of the grant. (4) An eligible grantee shall not be awarded a grant of more than five million dollars for any single application.
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