Vermont Statutes Title 10 Sec. 261
Terms Used In Vermont Statutes Title 10 Sec. 261
- 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.
- eligible facility: means the creation, establishment, acquisition, construction, expansion, improvement, reclamation, or renovation of an eligible facility. See
- eligible project: means any industrial, commercial, or agricultural enterprise or endeavor approved by the Authority that meets the criteria established in the Vermont Sustainable Jobs Strategy adopted by the Governor under section 280b of this title, including land and rights in land, air, or water; buildings; structures; machinery; and equipment of such eligible facilities or eligible projects, except that an eligible facility or project shall not include the portion of an enterprise or endeavor relating to the sale of goods at retail where such goods are manufactured primarily out of State, and except further that an eligible facility or project shall not include the portion of an enterprise or endeavor relating to housing unless otherwise authorized in this chapter. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Municipality: means a city, town, or incorporated village. See
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Personal property: All property that is not real property.
- Tenant: means the tenant or occupier of an eligible facility or small business incubator facility. See
§ 261. Additional powers
In addition to powers enumerated elsewhere in this chapter, the Authority may:
(1) Make loans secured by mortgages, which may be subordinate to one or more prior mortgages, upon application by the proposed mortgagor, who may be a private corporation, nonprofit organization, partnership, person, or municipality financing an eligible project described in subdivision 212(6) of this title, upon such terms as the Authority may prescribe, for the purpose of financing the establishment or expansion of eligible facilities. Such loans shall be made from the Vermont Jobs Fund established under subchapter 3 of this chapter. The Authority may provide for the repayment and redeposit of such loans as provided in this subchapter.
(2) Take title by foreclosure to any eligible facility where such acquisition is necessary to protect any loan previously made by the Authority; pay all costs arising out of such foreclosure and acquisition from monies held in the Vermont Jobs Fund; and sell, transfer, and convey any such eligible facility to any responsible buyer. If the sale, transfer, and conveyance cannot be effected with reasonable promptness, the Authority may, in order to minimize financial losses and sustain employment, lease the eligible facility to a responsible tenant or tenants.
(3) Purchase prior mortgages and make payments on prior mortgages on any eligible facility where the purchase or payment is necessary to protect any loan previously made by the Authority. In addition, the Authority may sell, transfer, convey, and assign any such prior mortgage. Monies used by the Authority in the purchase of any prior mortgages, or any payments thereon, shall be withdrawn from the Vermont Jobs Fund, and any monies derived from the sale of any prior mortgages shall be deposited by the Authority in the Vermont Jobs Fund.
(4) Purchase and own personal property for the purpose of leasing such personal property under financing leases, which leases transfer the ownership of leased personal property to each lessee following the payment of all required lease payments as specified in each lease agreement.
(5) Execute lease agreements pursuant to subdivision (4) of this section.
(6) Provide loans and assistance under this subchapter for the planning, development, or improvement of an industrial park or an eligible project within an industrial park. (Added 1973, No. 197, (Adj. Sess.), § 1; amended 1975, No. 187 (Adj. Sess.), § 4; 1993, No. 89, § 3, eff. June 15, 1993; 1995, No. 46, § 10, eff. April 20, 1995; 2013, No. 199 (Adj. Sess.), § 36; 2015, No. 41, § 23, eff. June 1, 2015; 2021, No. 91 (Adj. Sess.), § 1, eff. April 20, 2022.)