(a)
Establishment of grant program— The Secretary of Commerce, acting through the Administrator of the Economic Development Administration, shall carry out a grant program in accordance with the requirements of this section.
(b)
Award of grants— In carrying out the program, the Secretary may make grants to States and local governments for projects to establish environmentally sustainable waterfront areas.
(c)
Applications— A State or local government seeking a grant under the program shall submit to the Secretary an application at such time and containing such information as the Secretary may require.
(d)
Criteria—
(1)
In general— The Secretary shall establish criteria for awarding grants for projects under the program.
(2)
Priority— The criteria shall include an assessment of whether the applicant is able to demonstrate the potential of a project—
(A)
to generate economic growth and job creation; or
(B)
to improve the environmental sustainability of waterfront areas.
(e)
Maximum grant amount— The Secretary may not make grants under this section to a State or local government in an amount that exceeds $10,000,000 in the aggregate.
(f)
Reporting requirement— As a condition for receiving a grant under the program, a State or local government shall agree to submit to the Secretary an annual report on the achievement of performance measures, including the criteria described in subsection (d)(2), by the State or local government for a period of 3 years after the grant is awarded.
(g)
Federal share— The Federal share of the cost of a project carried out with funds from a grant under the program may not exceed 75 percent.