Kentucky Talent Recruitment Grant Program

(1) The Kentucky Talent Recruitment Grant Program is hereby established under the cabinet. The cabinet's administration of the program includes but is not limited to the following: (a) Creating and making available a grant application for eligible grant applicants to apply for program grant funds; (b) Reviewing and processing applications submitted to the cabinet by eligible grant applicants; and (c) Submitting grant applications to the authority for approval. (2) The maximum amount of funding for each eligible grant applicant is five hundred thousand dollars ($500,000). (3) If a grant application is approved by the authority as an eligible project under KRS 154.12-342(4)(a) or (b), the cabinet shall disburse fifty percent (50%) of the total grant award to the eligible grant applicant upon execution of the grant agreement. The remaining fifty percent (50%) of the grant award shall be disbursed upon the eligible grant applicant demonstrating to the authority, subject to its approval, that fifty percent (50%) of the household goal or the retention goal has been met based on the reported metrics set forth in KRS 154.12-346(4)(a). (4) The cabinet shall determine the terms, conditions, and requirements of grant awards from the fund. The cabinet may establish procedures and standards for the review and approval of the obligation of grant funds through the administrative regulations promulgated in accordance with KRS Chapter 13A. (5) The secretary of the cabinet shall have the authority to hire staff, contract for services, expend funds, and operate the normal business activities of the program.