(1) Beginning July 1, 2024, an eligible grantee may apply to the Department of Economic Development for a grant under the Municipality Infrastructure Aid Act on forms created by the department.

(2) To be eligible for a grant under the Municipality Infrastructure Aid Act, an eligible grantee shall include the following in its application:

(a) The infrastructure improvements that are a part of a redevelopment plan approved under the Community Development Law;

(b) How the infrastructure improvements would attract and support any new business or business expansion;

(c) How the infrastructure improvements would provide infrastructure that is sufficient for the new business or business expansion;

(d) The cost-benefit analysis of the redevelopment plan approved under the Community Development Law; and

(e) How the new business or business expansion would provide the following:

(i) The creation of additional jobs in or near the eligible grantee;

(ii) The creation of high-quality jobs in or near the eligible grantee;

(iii) Increased business investment in or near the eligible grantee; and

(iv) Revitalization of rural and other distressed areas of the state.

(3) A grant shall not be awarded to an eligible grantee if:

(a) The eligible grantee does not provide a positive cost-benefit analysis of the redevelopment plan approved under the Community Development Law; or

(b) The eligible grantee does not provide matching funds in the amount of at least twenty-five percent of the amount of the grant.

(4) An eligible grantee shall not be awarded a grant of more than five million dollars for any single application.