Section 626-2-2 - ELIGIBLE DEVELOPMENT AND REDEVELOPMENT PROJECTSThe Authority may undertake a Development or Redevelopment Project, as owner or lender, for subsequent use and sale under the following conditions:
A. A Development Project must involve real estate that is zoned, sited, or otherwise suitable for development as a Commercial Facility. A Redevelopment Project must have been previously and materially used as a Commercial Facility, or must be suitable for adaptation to a commercial or industrial use.B. A Redevelopment Project or Development Project must involve real estate that is currently not in productive commercial use or, with respect to a Redevelopment Project, is expected to be taken out of productive use within the immediate future;C. The Redevelopment Project or Development Project must involve real estate that has not been placed under a purchase option or contract under circumstances that would reasonably indicate that the property would be developed without Authority assistance, or that the proposed use would not meet the other requirements of this Section 2. D. The Authority, using due diligence, has determined that:(1) There is a reasonable expectation that the Development or Redevelopment Project will become financially viable following its redevelopment;(2) With respect to a Development Project, it will create employment opportunities and other economic benefits within the region; and(3) The economic benefits, including the creation or restoration of employment opportunities, expected to result from the Development or Redevelopment Project justify the risks associated with the Authority's equity interest in the Development or Redevelopment Project.E. Except as provided in Section 3, at least twenty-five percent (25%) of the total cost of the Development or Redevelopment Project will be borne by the Municipality, Local Development Corporation, or another entity.F. To the extent the Development Project involves undeveloped land or personal property, such undeveloped land or personal property is part of the overall Redevelopment or Development Project that meets the requirements of this Section 2.