Vermont Statutes Title 10 Sec. 231
Terms Used In Vermont Statutes Title 10 Sec. 231
- Authority: means the Vermont Economic Development Authority established under section 213 of this title. See
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Industrial park: means an area of land planned and designed as a location for one or more industrial buildings, including adequate access roads, utilities, and other services necessary for eligible facilities. See
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Local development corporation: means any nonprofit organization incorporated in the State for the purpose of fostering, encouraging, and assisting the physical location of business enterprises within the State and having as its principal purpose the industrial and economic development of one or more political subdivisions, and shall include the Northeastern Vermont Development Association and any State development company organized under subdivision 216(13) of this title; however, in addition to the foregoing, for the purpose of providing assistance to small business incubator facilities, any nonprofit organization that enters into a written agreement with the Authority to establish, operate, and administer a small business incubator facility, including municipalities, local or regional nonprofit development corporations, and higher educational institutions, shall have the rights and obligations of a local development corporation under this chapter. See
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Small business incubator facility: means a building, group of buildings, or part of a building where small and growing businesses may obtain small units of space available for purchase or lease at below-market rates or on flexible terms, shared office support services, and financial and general business management advice and assistance. See
- Speculative building: means a basic structure of flexible design erected by a local development corporation for eventual sale or lease to a purchaser or tenant requiring eligible facilities. See
§ 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.)