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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.)
