Industrial Development Action Grant Act of 1984

Industrial Development Action Grant Act of 1984 - Authorizes the Secretary of Commerce to make industrial development action grants to severely distressed cities.

Directs the Secretary to issue regulations establishing grant eligibility criteria setting forth minimum standards for determining the level of economic distress of cities.

Sets forth the information to be contained in assistance applications.

Sets forth selection criteria.

Prohibits the Secretary from considering an application before it is presented for review to the Governor of the State in which the city is located.

Permits a State Governor to apply for a grant on behalf of a small city (non-central cities of under 50,000 population).

Permits grants to be made only where the Secretary determines that there is a strong probability that: (1) the non-Federal investment in the project would not be made without the grant; and (2) the grant would not substitute for non-Federal funds which are otherwise available to the project.

Requires 50 percent or more of the funds made available for such grants to be used for central cities with populations of 50,000 or more.

Prohibits any assistance to a project that will facilitate the relocation of any operation, personnel, or position of an industrial plant, facility, or other business establishment from any eligible city to the city in which such project is located.

Requires the Secretary, at least on an annual basis, to make reviews and audits of grant recipients.