Current through Register Vol. 54, No. 49, December 7, 2024
Section 73.2 - Industrial development agencies-certification(a) An industrial development agency will not be eligible to apply for, or receive assistance from, the Authority until it has been certified by the Authority under this section. An application for certification shall contain the following:(1) Articles of incorporation on file with the Department of State and bylaws of the agency which indicate industrial development as a purpose. Either the articles of incorporation or the bylaws shall provide that membership in the agency is open to all persons interested in industrial development willing to pay the agency's dues, and that the management of the agency is vested in a board of directors elected by the full membership of the agency.(2) A good standing certificate of the agency issued by the Department of State.(3) A certified resolution of the agency adopting the code of ethics at § 73.3 (relating to industrial development agency code of ethics).(4) A list of current members and the organization, if any, each represents.(5) A brief resume of each current board member.(6) A brief resume of the executive director or other officer of the agency principally involved with the Authority's program, and each staff member.(7) The location of the permanent office of the agency, a list of other organizations utilizing the office and a description of the activities of the other organizations.(8) The current or proposed membership dues structure of the agency and a list of other anticipated revenues.(9) Indication of a broad-based private sector support evidenced by a fundraising drive which satisfies the following criteria:(i) A minimum of $10,000 is raised.(ii) There are a minimum of 25 contributors for each 100,000 in population of the geographic area served by the agency, but in no case fewer than 25 contributors.(10) An industrial development plan of the agency, including an explanation of the need for a new agency in the geographic area the agency will serve.(11) A bound copy of the latest financial statement of the agency prepared by an independent certified public accountant.(12) A statement as to the geographic area the agency will serve.(13) A statement of the service fee the agency will charge.(b) After the submission of a complete application for certification by an agency, the Authority will certify the agency as eligible to apply for, and receive assistance from, the Authority if the Authority determines that the following exist: (1) The services of other agencies in the area are not sufficient to address the needs which the applicant agency intends to address.(2) Full-time, part-time or volunteer staff services by persons with backgrounds in industrial development will continue to be available to the agency.(3) Operating funds will continue to be available to the agency.(c) The first application for assistance for a project submitted by an agency to the Authority shall demonstrate a substantial financial participation by the agency in the project. A substantial financial participation will be 5% of the total project cost or a minimum participation amount, whichever is less. The agency's participation may be made, at the Authority's discretion, through funds or property of the agency or funds or property received from or committed to the project by the beneficial owner or the industrial occupant. The minimum participation amount will be determined by the Authority based on unemployment statistics, inflation, the Authority's cash flow and the need to keep the Commonwealth and its business competitive, and will be published as a notice in the Pennsylvania Bulletin.