A. The "economic development grant program" is created in the department. The commission shall oversee the program, and the department shall provide administrative assistance to the commission as needed.
B. The commission shall:
(1) establish and publish deadlines and guidelines for the submission of grant applications;
(2) develop procedures for receipt, review and approval of grant applications;
(3) receive, review and approve grant applications;
(4) award grants to local and regional economic development agencies for up to fifty percent of the cost to the agencies to hire economic development professionals;
(5) monitor local and regional economic development agencies' use of grant money by reviewing annual reports submitted by those agencies to the commission to ensure that grants are used consistently with the agencies' grant applications; and
(6) perform other duties as necessary to carry out the provisions of the Economic Development Grant Act.