Existing law establishes the Office of Economic Development within the Office of the Governor, the administration and technical activities of which are directed and supervised by an Executive Director. (NRS 231.043, 231.047) Existing law authorizes the Executive Director to cause the formation of a nonprofit entity for certain economic development purposes, upon approval by the Board of Economic Development. (NRS 231.0545) Section 3 of this bill creates the Nevada Innovation Account in the State General Fund and requires the Executive Director to administer the Account. Section 5 of this bill requires the Executive Director to establish certain programs to be funded from the Account and to establish procedures for applying for an allocation of money from the Account pursuant to such programs. Section 4 of this bill requires the Executive Director to enter into a contract with a nonprofit corporation for economic development to operate such programs. Section 5 requires applications for an allocation from the Account to be made to the nonprofit corporation and authorizes the nonprofit corporation to approve such applications if the nonprofit corporation makes certain findings. Section 5 authorizes the Executive Director to make an allocation from the Account to an applicant whose application is approved by the nonprofit corporation. Section 6 of this bill sets forth various duties of the Executive Director regarding the programs established pursuant to section 5. Section 7 of this bill makes a conforming change to exclude an allocation of money from the Account from the definition of “development resource.”

Statutes affected:
As Introduced: 231.005
Reprint 1: 231.005
Reprint 2: 231.005
BDR: 231.005