Section 8905-F - Keystone innovation grants.(a)Grants.--The department may provide keystone innovation grants to institutions of higher education to facilitate technology transfer, including patent filings, technology licensing, intellectual property and royalty agreements and other designated resource needs. The application must be on the form required by the department and must include or demonstrate all of the following: (1) The applicant's name and address.(2) The KIZ partnership of which the applicant is a member.(3) A written proposal. The proposal must state all of the following:(i) The technology transfer activities to be undertaken. The activities may include the addition of personnel who are directly related in transferring technology to the local businesses.(ii) The quantifiable goals and objectives to be achieved.(iii) How the activities, goals and objectives will integrate with the strategic plan adopted for the KIZ.(iv) The role of the applicant and other members of the KIZ partnership.(4) Identification of a dollar-to-dollar match, which may be in kind if the department determines that the proposed match can be readily identified and tracked and which is directly related to the stated goals and objectives.(5) Any other information required by the department.(b)Approval.--The department shall review the application and, upon being satisfied that all requirements have been met, the department may approve the application. Prior to releasing grant funds, the department shall enter into a contract with the applicant that contains all of the following:(1) The grant may not exceed $250,000 per year.(2) Grants under this program shall not exceed $750,000 in the aggregate per applicant under this program.(3) The aggregate amount of grants awarded to all applicants under this subsection shall not exceed $10,000,000 under this program.(c) Penalty.-- (1) Except as provided in paragraph (2), the department shall impose a penalty upon a recipient of a grant for any of the following:(i) If the recipient fails to use the grant for the technology transfer activities specified in the application.(ii) If the recipient's membership in the KIZ partnership is terminated voluntarily or involuntarily.(2) The department may waive the penalty required by paragraph (1) if the department determines that the failure was due to circumstances outside the control of the grant recipient.(3) A penalty imposed under paragraph (1) shall be equal to the full amount of the grant received plus an additional amount of up to 10% of the amount of the grant received. The penalty shall be payable in one lump sum or in installments, with or without interest, as the department deems appropriate.Added by P.L. TBD 2016 No. 84, § 43, eff. 7/13/2016.