Vermont Statutes Title 10 Sec. 237
Terms Used In Vermont Statutes Title 10 Sec. 237
- Appraisal: A determination of property value.
- 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.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
- Industrial park planning and development: means the basic architectural and engineering services needed to determine site and land use feasibility, and the planning and carrying out of land improvements necessary to make industrial land usable. 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
- 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
- Tenant: means the tenant or occupier of an eligible facility or small business incubator facility. See
§ 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 80 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.)