1. After considering any advice and recommendations of the Board, the Executive Director shall 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 the applicant to revise the 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. After receipt of an application pursuant to this section, the Executive Director shall review and evaluate 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 . 4. If the applicant is requesting $100,000 or less, the Executive Director may approve the application and make a grant or loan of money from the Catalyst Account to the applicant 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. 5. If the applicant is requesting more than $100,000, the Executive Director shall submit the application and the Executive Directors review and evaluation of the application pursuant to subsection 3 to the Board, and the Board may approve the application and make a grant or loan of money from the Catalyst Account to the applicant if the Board determines that approving the application will promote the economic development of this State and aid the implementation of the State Plan for Economic Development.
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