§ 237 - Issuing of loans for industrial park planning and development projects - Vermont Statutes

§ 237. Issuing of loans for industrial park planning and development projects

Before issuing any loan under this subchapter for industrial park planning and development, and the purchase of land in connection therewith, the authority shall determine and incorporate in its minutes the findings that:

(1) The proposed industrial park is on adequate land owned or to be owned by the local development corporation or leased by the local development corporation on terms satisfactory to the authority;

(2) An adequate access road from a public highway is provided to the proposed site, and utilities, including water, sewer, and power facilities are available or will be available for any future tenant located in the park;

(3) The total industrial park will be planned by architects and engineers acceptable to the authority;

(4) No more than eighty percent of the fair market value of the industrial park, as shown by appraisal by an appraiser acceptable to the authority, is to be financed under the loan;

(5) The park 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;

(6) The park project complies with all applicable environmental, zoning, planning and sanitary laws and regulations of the municipality in which it is to be located and of the state of Vermont;

(7) The local development corporation is responsible and has presented evidence to demonstrate its ability to carry out the park project as planned;

(8) Evidence has been presented demonstrating the feasibility of the site as a location for industry, and additional evidence has been presented that an adequate supply of labor is available within the labor market area to serve an industry located on the site;

(9) The park project will be without unreasonable risk of loss to the authority, and the local development corporation is unable to secure on reasonable terms the funds required for the project without the assistance of the authority. Such findings when adopted by the authority shall be conclusive. (Added 1973, No. 197 (Adj. Sess.), § 1.)