eligible for loan funding under the program are Community Industrial Buildings
which meet all the following criteria, as determined by the Authority:
a. The Applicant must be a Local Development
b. Demonstrated market
need for new Commercial Facility;
c. Demonstrated economic need for new
Demonstrated financial commitment from the Local Development Corporation to
develop successful Community Industrial Building Project and ability to repay
e. Evidence that Local
Development Corporation has the rights to develop a Commercial Facility and
control of the subject site;
Evidence that there is either a lack of private interest in the Project or it
is not financially viable for the private sector to solely develop the Project;
g. Demonstrated capacity to
market and manage the facility;
Eligible Projects within economically
distressed areas of the State will be given funding preference by the
Authority. Economic distress, as determined by the Authority, may include, but
is not limited to:
a. Loss of or major
downsizing of major employer(s) in region;
b. Chronic unemployment or underemployment in
c. Lack of economic
lack of private investment.
3. Eligible Local Development Corporations
must begin paying back loan within three years of the initial draw down at the
terms specified in the loan documents.
4. The Authority will only provide loans to
fund the actual construction costs associated with a Community Industrial
Building. All other costs such as those associated with land assembly, site
preparation, utility extensions, marketing, and administration are not eligible
to be funded by the Authority.
No more than one unoccupied Community Industrial Building per community will be
funded under this program.
Eligible Community Industrial Building Projects must be located on a
developable site in accordance with all State, federal and local regulations.
Such site must have adequate utilities and services to support highest intended
use of building.
7. All Projects
funded under the Program are considered State Growth Related Capital
Investments and may only be undertaken in locations that meet the requirements
in 30 M.R.S.A. §4349-A(1).
Only Projects that are consistent with a municipality's Local Growth Management
Program or Comprehensive Plan, or meet the requirements of 30-A M.R.S.A.
§4349-A sub-§1 are eligible for monies from the Fund.
9. Under this program, the Authority will not
provide loans to refinance existing facilities or to finance or refinance
facilities currently being constructed. Local Development Corporations may not
request funds for a Project to supplant loan funds from other state or federal
programs (e.g., Rural Development, CDBG, EDA, HUD) or revenue bonds already
approved by the municipality.