Section 6 Loans; application; contents; public hearings; granting - Massachusetts Statutes

Section 6. Prior to the loaning of any funds to an industrial development agency for an industrial development project in a critical economic area, the authority shall receive from such industrial development agency a loan application in form adopted by the authority which shall contain, without being limited to, the following provisions:

(a) A general description of the industrial development project and a general description of the industrial or manufacturing enterprise or research and development facility for which the industrial development project has been or is to be established;

(b) A legal description of all real estate necessary for the industrial development project;

(c) Such plans and other documents as may be required to show the type, structure and general character of the industrial development project;

(d) A general description of the type, classes and number of employees employed or to be employed in the operation of the industrial development project;

(e) Cost or estimates of cost of establishing the industrial development project;

(f) A general description and statement of value of any property real or personal, of the industrial development agency applied or to be applied to the establishment of the industrial project;

(g) A statement of cash funds previously applied, or then held by the industrial development agency which are available for and are to be applied, to the establishment of the industrial development project;

(h) Evidence of the arrangement made by the industrial development agency for the financing of all costs of the industrial development project over and above the participation of the industrial development agency;

(i) A general description of the responsible tenant to which the industrial development agency has leased or will lease the industrial development project or of the responsible buyer to which the industrial development agency has sold or will sell the project;

(j) A general description of the form of lease or sales agreement entered into or to be entered into by and between the industrial development agency and its responsible tenant or responsible buyer;

(k) Evidence that the establishment of the industrial development project will not cause the removal of an industrial or manufacturing plant or facility or research and development facility from one area of the commonwealth to another area of the commonwealth;

(l) Evidence that the industrial development project has created or will create substantial primary employment.

The board of the authority shall hold such public hearings and such examinations as to each loan application received as shall be necessary to determine whether the public purposes of this chapter will be accomplished by the granting of loans within such applications requested.

When the board shall have determined said facts favorable as to any application, it is authorized and empowered, having due regard to the promotion of the public purposes herein declared, to grant a loan to an industrial development agency in the manner and to the extent as in this chapter provided.