Sec. 6. The corporation shall require an applicant for a job creation incentive to be granted by the corporation after March 31, 2010, to enter into an agreement with the corporation as a condition of receiving the incentive. Subject to IC 5-28-28-8, the agreement must include the following:

(1) The applicant's agreement regarding the following:

(A) The number of individuals that are expected to be employed by the applicant, including the number of employees who will be hired, retained, or trained during the duration of the agreement.

(B) If a financial investment by an applicant is a condition for providing an incentive, the amount of the financial investment that the applicant expects to make in Indiana as a result of the project for which the incentive is granted.

(2) A requirement that the applicant shall file with the compliance officer an annual compliance report detailing the applicant's compliance, or progress toward compliance, with subdivision (1).

(3) A provision that notifies the applicant that the applicant is subject to a determination of the corporation under this subdivision. The corporation, after a finding that the applicant is employing fewer individuals than the applicant agreed to employ or that the applicant has not made the financial investment agreed to under subdivision (1), subject to any confidentiality laws, shall hold a hearing to determine if the applicant shall be required to pay back to the state a part of the incentive granted to the applicant under the agreement. The penalty imposed must be a matter of public record and must reflect in a fair and balanced way the amount of incentive received.

(4) A requirement that the applicant will pay back to the state the incentive that has been received by the applicant if the applicant moves or closes.

As added by P.L.110-2010, SEC.9. Amended by P.L.175-2013, SEC.3.