99- 626 C.M.R. ch. 2, § 4

Current through 2024-51, December 18, 2024

Section 626-2-4 - ADDITIONAL PROJECT ELIGIBILITY REQUIREMENTS

A. In order to be eligible for financial assistance from the Program, an Applicant must demonstrate that the Project will meet all the following criteria, as determined by the Authority:

(1) Market need for the Project;

(2) Economic need for the Project;

(3) Financial capacity to provide the Authority with a return of and on its investment;

(4) The Applicant has the right, title and interest in the property required to develop the Project; and

(5) Capacity to market and manage the Project.

B. No later than one year after the initial provision of financial assistance from the Program, the Owner must provide a financial return on the Authority's investment on the terms specified in the agreement with the Authority.

C. The Authority shall not provide financial assistance from the Program greater than the sum of the total costs for acquisition development and/or redevelopment of a Project, as determined by the Authority. All other costs, such as those associated with ongoing operations, marketing and administration, are not eligible for financial assistance from the Program.

D. The Authority will consider geographic location of a Project, to avoid over concentration of Authority projects in one area of the state.

E. A Project 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 the intended use of the building and the use of the building for business and commercial purposes.

F. The Authority shall consider the state economic development strategy and the policies and activities of the Department of Economic and Community Development in evaluating a Project.

G.[Repealed]

H. The Authority will not approve an application for financial assistance from the Program where, in the Authority's judgment, the Authority's financial assistance would supplant financial assistance from other federal, state or local development assistance programs The Authority will consider restructuring existing debt, if that restructuring makes the project feasible.

99- 626 C.M.R. ch. 2, § 4