(A) Port authorities and other development entities approved by the director may apply for shovel ready sites funding. Prior to applying for shovel ready sites funding, a potential applicant must provide the director with a summary of its economic development experience and capacity to undertake a shovel ready sites project. The summary must include evidence that the development entity has or can obtain local support for the proposed project and the financing necessary to complete the proposed project.
(B) Shovel ready sites funding shall only be used to finance eligible costs.
(C) An application may request no more than ten million dollars in funding for a specific project.