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The Vermont Statutes Online
Title
10
:
Conservation and Development
Chapter
012
:
VERMONT ECONOMIC DEVELOPMENT AUTHORITY
Subchapter
003
:
INDUSTRIAL PARKS, SPECULATIVE BUILDINGS, AND SMALL BUSINESS INCUBATOR FACILITIES
§
231. Assistance to local development corporations
Upon application
of a local development corporation, the authority may loan money to that local
development corporation, upon such terms and conditions as it may prescribe,
for the purpose of industrial park planning and development, for constructing
or improving a speculative building or small business incubator facility on
land owned or held under lease by the local development corporation, for
purchase or improvement of existing buildings suitable for or which can be made
suitable for industrial or small business incubation facility purposes and for
the purchase of land in connection with any of the foregoing. Before the local
development corporation receives such funds for such purposes from the authority,
it shall give to the authority security for the repayment of the funds. The
security shall be in such form and amounts as the authority may determine and
shall, in each instance, include a first mortgage on the land, or the
leasehold, building, and appurtenances financed by such funds. Loans by the
authority to local development corporations for the construction of speculative
buildings or improvements to those buildings shall be repaid in full, including
interest and other charges, within 90 days after the building is occupied if
the building is being sold, or within five years after the property is occupied
if the building is being leased, or within such period of time deemed
reasonable by the authority. Loans by the authority to local development corporations
for the construction, purchase, or improvement of small business incubator
facilities shall be repaid in full, including interest and other charges,
within ten years after the property is occupied. (Added 1973, No. 197 (Adj.
Sess.), § 1; amended 1977, No. 52, 1986 § 8, eff. April 22, 1977; 1985, No. 136
(Adj. Sess.), § 7, eff. April 24, 1991, No. 76, § 1.)