§232. Issuance of loans for speculative buildings and small business incubator facilities

Link to law: http://legislature.vermont.gov/statutes/section/10/012/00232
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










 

§

232. Issuance of loans for speculative buildings and small business incubator

facilities

Before issuing

any loan under this subchapter for construction of a speculative building or

small business incubator facilities and the purchase of land in connection

therewith, the authority, or the authority's loan officer pursuant to the

provisions of subdivision 216(15) of this title, shall determine and

incorporate the following findings in its minutes. Such findings when adopted

by the authority shall be conclusive:

(1) The project

is within the scope of this chapter, will be of public use and benefit, and may

reasonably be expected to create new employment opportunities.

(2) The proposed

site for the speculative building or small business incubator facilities will

be located on adequate land owned or to be acquired by the local development

corporation or leased by the local development corporation on terms

satisfactory to the authority.

(3) An adequate

access road from a public highway is provided to the proposed site and that

such utilities as water, sewer, and power facilities are available, or will be

available when the speculative building or small business incubator facilities

is completed.

(4) The project

plans comply with all applicable environmental, zoning, planning and sanitary

laws and regulations of the municipality where it is to be located and of the

state of Vermont.

(5) The local

development corporation is responsible and has presented evidence to

demonstrate its ability to carry out the project as planned.

(6) Evidence has

been presented demonstrating the feasibility of the site as a location for

business, and additional evidence has been presented that an adequate supply of

labor is available within the labor market area to serve a business located on

the site or in the small business incubator facility.

(7) The local

development corporation has made adequate provisions for insurance protection

of the building while it is unoccupied and suitable arrangements have been made

for fire protection and maintenance while it is unoccupied.

(8) The project

will be without unreasonable risk of loss to the authority.

(9) The local

development corporation is unable to secure on reasonable terms the funds

required for the project without the assistance of the authority, or in the

alternative, the making of the loan will serve as a substantial inducement for

the establishment or expansion of a speculative building or small business

incubator. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1985, No. 136 (Adj.

Sess.), § 8, eff. April 24, 1986; 1991, No. 76, § 2; 1995, No. 46, § 7, eff.

April 20, 1995.)
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