Sec. 19. A sponsor or an organization receiving assistance through a sponsor has the following duties in establishing and operating a small business incubator with assistance under this chapter:

(1) Securing title to the facility or leasing the facility with the intent to secure title.

(2) Managing the physical development of the incubator facility, including the provision of common conference or meeting space.

(3) Furnishing and equipping the facility to provide business services to the tenants.

(4) Marketing the facility and securing eligible tenants.

(5) Providing or arranging for the provision of financial consulting, assistance in accessing private financial markets, and marketing and management assistance services for the tenants.

(6) Establishing rental and service fees.

(7) Encouraging the sharing of ideas among tenants and aiding the tenants in an innovative manner while they are within the incubator.

(8) Establishing policies for the:

(A) acceptance of tenants into the incubator; and

(B) termination of occupancy by tenants.

(9) Encouraging the establishment of small business incubators in economically disadvantaged areas. However, if the small business incubator secures only a loan or loan guarantee under this chapter, this subdivision does not limit the establishment of the small business incubator to economically disadvantaged areas.

(10) Establishing a local advisory committee to assist in the performance of the duties listed in this section. Advisory committee members must represent fields that can contribute to the sound operation of the incubator, such as accounting, finance, law, education, and small business. Advisory committee members may not vote on projects of sponsors or tenants with whom the member is financially affiliated.

As added by P.L.4-2005, SEC.34.