§ 904 — Projects of the authority

§ 904. Projects of the authority. 1. The authority shall undertake\nprojects as authorized in this section upon a finding by the governing\nbody of the authority that such project:\n (a) is consistent with a local or regional strategic plan for economic\ndevelopment;\n (b) will create or retain permanent, full-time private sector jobs in\nthe service area or will result in a significant increase in business\nactivity in such area; and\n (c) complements existing and planned private sector investment in the\nservice area and in proximity to the proposed project site.\n 2. The authority is authorized to apply for and accept funds from\nlocal, regional and state economic development agencies and public\nauthorities.\n 3. If, at the end of five years, starting from the date that this\ntitle becomes effective, no projects have been adopted by the authority\nas determined by a public vote on such project, and no bonds for any\nproject have been sold, this authority shall cease to exist.\n