In other words, the Commission will be giving public money to people, whom in the exercise of its considerable discretion, it deems worthy. More simply, they give free money to people they like.
And people wonder why corruption in government exists? “Economic Development” is code for “corporate welfare.” It is corporatism. It enables the rich and politically connected to feed at the public trough.
The corporatists have succeeded so well they have people lining up to defend this nonsense. “It’s good for the economy!” they say. No, it’s good for the guy with his name on the check drawn from the public treasury. He can buy another boat with it. With your money. And he ain’t gonna ask you to go water skiing with him, either.