Senate Bill 374 Summary

• Requires the Indiana Office of Energy Development to establish a program providing four demonstration grants for energy-efficient building projects using American Recovery and Reinvestment Act funds.

• Grant recipients must include one public school building, one higher education building (both LEED-certified), one newly constructed primary residence, and one rehabilitated primary residence (each supported by a city or town).

• Grant amount equals the sum necessary to reduce the annual percentage rate on project borrowing by one percent.

• Applicants must verify their project will generate private spending at least 14 times the grant amount, create indirect jobs at least 14 times the direct jobs created, and produce state and local tax revenue at least three times the grant amount.

• Office must report to the budget committee by July 1, 2011 describing the four funded demonstration projects; effective date is July 1, 2010.