Vermont Statutes Title 10 Sec. 232
Terms Used In Vermont Statutes Title 10 Sec. 232
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- 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
- Municipality: means a city, town, or incorporated village. See
- road: shall include bridges thereon and their approaches. See
- 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
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 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.)