§ 10 — Findings of the corporation

§ 10. Findings of the corporation. Notwithstanding any other provision\nof this act, the corporation shall not be empowered to undertake the\nacquisition, construction, reconstruction, rehabilitation or improvement\nof a project unless the corporation finds:\n (a) in the case of a residential project:\n (1) That there exists, in the area in which the project is to be\nlocated, or in an area reasonably accessible to such area, a need for\nsafe and sanitary housing accommodations for persons or families of low\nincome, which the operations of private enterprise cannot provide;\n (2) That the project has been approved as a project of a housing\ncompany pursuant to the provisions of the private housing finance law.\n (b) in the case of an industrial project:\n (1) That the area in which the project is to be located is a\nsubstandard or insanitary area, or is in danger of becoming a\nsubstandard or insanitary area, wherein there exists a condition of\nsubstantial and persistent unemployment or underemployment;\n (2) That the acquisition or construction and operation of such project\nwill prevent, eliminate or reduce unemployment or underemployment in\nsuch area;\n (3) That such project shall consist of a building or buildings which\nare suitable for manufacturing, warehousing or research or other\nindustrial, business or commercial purposes.\n (4) That adequate provision has been, or will be made for the payment\nof the cost of the acquisition, construction, operation, maintenance and\nupkeep of such project.\n (5) That the acquisition and construction, proposed leasing, operation\nand use of such project will aid in the development, growth and\nprosperity of the state and the area in which such project is located;\n (6) That the plans and specifications assure adequate light, air,\nsanitation and fire protection.\n (c) in the case of a land use improvement project:\n (1) That the area in which the project is to be located is a\nsubstandard or insanitary area, or is in danger of becoming a\nsubstandard or insanitary area and tends to impair or arrest the sound\ngrowth and development of the municipality;\n (2) That the project consists of a plan or undertaking for the\nclearance, replanning, reconstruction and rehabilitation of such area\nand for recreational and other facilities incidental or appurtenant\nthereto;\n (3) That the plan or undertaking affords maximum opportunity for\nparticipation by private enterprise, consistent with the sound needs of\nthe municipality as a whole.\n (d) in the case of a civic project:\n (1) That there exists in the area in which the project is to be\nlocated, a need for the educational, cultural, recreational, community,\nmunicipal, public service or other civic facility to be included in the\nproject;\n (2) That the project shall consist of a building or buildings or other\nfacilities which are suitable for educational, cultural, recreational,\ncommunity, municipal, public service or other civic purposes;\n (3) That such project will be leased to or owned by the state or an\nagency or instrumentality thereof, a municipality or an agency or\ninstrumentality thereof, a public corporation, or any other entity which\nis carrying out a community, municipal, public service or other civic\npurpose, and that adequate provision has been, or will be, made for the\npayment of the cost of acquisition, construction, operation, maintenance\nand upkeep of the project;\n (4) That the plans and specifications assure or will assure adequate\nlight, air, sanitation and fire protection.\n (e) in the case of an industrial effectiveness project:\n (1) That a feasibility study or productivity assessment exists\ndemonstrating the potential for future profitability of the firm\nrequesting financial assistance and such study or assessment has been\nreviewed and approved by the commissioner of economic development;\n (2) That for loans to implement a corporate restructuring or\nturnaround plan, the management of the industrial firm requesting\nassistance is capable and the firm has a sound business development plan\nthat includes measures to ensure labor and management cooperation and to\neffect changes required to continue as a successful business;\n (3) That the requested financial assistance is not available from\nother public or private financing sources; and\n (4) That the area in which the project is to be located is a\nsubstandard or insanitary area, or is in danger of becoming a\nsubstandard or insanitary area, wherein there exists a condition of\nsubstantial and persistent unemployment or underemployment.\n (f) in the case of a small and medium-sized business assistance\nproject:\n (1) That the area in which the project will be located is a\nsubstandard or insanitary area, or is in danger of becoming a\nsubstandard or insanitary area, wherein there exists a condition of\nsubstantial and persistent unemployment or underemployment;\n (2) That the project demonstrates market, management and financial\nfeasibility and has a clear likelihood of success;\n (3) That the industrial firm provides at least a ten percent equity\ncontribution and such contribution is not derived from other\ngovernmental sources;\n (4) That the requested financial assistance is not available from\nother public or private financing sources on terms compatible with the\nsuccessful completion of the project;\n (5) That the project will not result in the relocation of any\nindustrial firm from one municipality within the state to another\nmunicipality, except under one of the following conditions: (i) when an\nindustrial firm is relocating within a municipality with a population of\nat least one million where the governing body of such municipality\napproves such relocation; or (ii) the corporation notifies each\nmunicipality from which such industrial firm will be relocated and each\nmunicipality agrees to such relocation; and\n (6) That the project is not for the purpose of refinancing any portion\nof the total project cost or other existing loans or debts of the\nproject sponsor or owner.\n (g) in the case of all projects, that there is a feasible method for\nthe relocation of families and individuals displaced from the project\narea into decent, safe and sanitary dwellings, which are or will be\nprovided in the project area or in other areas not generally less\ndesirable in regard to public utilities and public and commercial\nfacilities, at rents or prices within the financial means of such\nfamilies or individuals, and reasonably accessible to their places of\nemployment. Insofar as is feasible, the corporation shall offer housing\naccommodations to such families and individuals in residential projects\nof the corporation. The corporation may render to business and\ncommercial tenants and to families or other persons displaced from the\nproject area, such assistance as it may deem necessary to enable them to\nrelocate.\n (h) in the case of all projects, the corporation shall state the basis\nfor its findings.\n