Application processes -- Annual report

(1) In the implementation of the Kentucky Product Development Initiative, the Kentucky Association for Economic Development shall: (a) Process the grant applications; (b) Determine whether a grant applicant is an eligible grant recipient and seeking a grant for an eligible project; (c) Evaluate the project site cited or proposed by each grant applicant in accordance with the program's evaluation model described in KRS 154.21-035 and based on the criteria recommended by the third-party independent site selection consultant; (d) Score each grant applicant's project pursuant to the scoring system described in KRS 154.21-040; (e) Rank the grant applicants: 1. In a manner that prioritizes the greatest return on investment, workforce creation, and relative positive impact on the community; and 2. Based on the project site evaluation and subsequent project score described in KRS 154.21-035 and 154.21-040; (f) Compile a list of proposed grant recipients whose eligible project demonstrates a high level of investment potential if a grant is made, as revealed by the evaluation, scoring, and ranking process described in this section and KRS 154.21-035 and 154.21-040; (g) Submit the proposed grant recipients and their prioritization to the cabinet for final selection of the grant recipients; (h) Provide detailed feedback to all grant applicants after the project site evaluation and project score are completed; and (i) Compile an annual report for the cabinet conveying the following information about the program: 1. A list of all program applicants; 2. The identity of applicants who were not selected for recommendation; 3. Trends found in feedback given to applicants who were not selected for recommendation; 4. Eligible uses of the properties cited in the grant applications; and 5. Any other information requested by the cabinet. (2) The Kentucky Association for Economic Development shall contract with a third- party independent site selection consultant to assist with the grant applicant site evaluations, scoring, prioritization, and recommendations described in this section and KRS 154.21-035 and 154.21-040.