; (B) attracting additional participants to a regional innovation initiative; (C) increasing the availability and investment of private and philanthropic financing that supports innovation-based business ventures; (D) completing the research, development and introduction of new products, processes, and services into the commercial market; (E) increasing the number of full-time equivalent employment opportunities within innovation-based business ventures in the geographic region; and (F) achieving quantifiable, positive benefits to, or measurable enhancements for, the economic performance of the geographic region. (3) Restricted activities Grants awarded under this subsection may not be used to pay for— (A) costs related to the recruitment, inducement, or associated financial or tangible incentives that might be offered to relocate an existing business from a geographic area to another geographic area; or (B) costs associated with offsetting revenues forgone by one or more taxing authorities through tax incentives, tax increment financing, special improvement districts, tax abatements for private development within designated zones or geographic areas, or other reduction in revenues resulting from tax credits affecting the geographic region of the eligible recipients. (4) Applications (A) In general An eligible recipient shall submit an application to the Secretary at such time, in such manner, and containing such information and assurances as the Secretary may require. (B) Components Each application submitted under subparagraph (A) shall— (i) describe the regional innovation initiative; (ii) indicate whether the regional innovation initiative is supported by the private sector, State and local governments, and other relevant stakeholders; (iii) identify what activities the regional innovation initiative will undertake; (iv) describe the expected outcomes of the regional innovation initiative and how the eligible recipient will measure progress toward those outcomes