Nevada § 231.1577 - Grant or loan from Account: Procedures for applying; application by county or city; review, evaluation and approval of applications

§ 231.1577. Grant or loan from Account: Procedures for applying; application by county or city; review, evaluation and approval of applications

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 Director's 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.