§231. Assistance to local development corporations

Link to law: http://legislature.vermont.gov/statutes/section/10/012/00231
Published: 2015

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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.)
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