(a) Establishment.--There is established a program to be known as the Business in Our Sites Program. The program shall provide financial assistance for the preparation of sites located within this Commonwealth for future development.
(b) Applications for planning grants.--A municipality, municipal authority, redevelopment authority or industrial development agency may submit an application to the authority requesting a planning grant for costs associated with predevelopment activities and feasibility studies for a project. The application shall be on the form required by the board and shall include or demonstrate all of the following:
(1) The applicant's name and address.
(2) The location of the project.
(3) A statement that the project is consistent with any existing comprehensive county plan where the project is located.
(4) A description of the project which includes a statement that:
(i) the project is for the redevelopment, reuse or revitalization of previously developed land, including previously mined areas; or
(ii) the project is for the development of undeveloped land which may be the subject of future development pursuant to any existing comprehensive municipal plan.
(5) An estimate of the cost of the predevelopment activities and feasibility studies.
(6) A statement of the amount of the planning grant sought.
(7) Any other information required by the board.
(c) Review and approval of planning grant applications.--
(1) The board shall review the application. Upon being satisfied that all requirements have been met, the board may approve the application and, if approved, the authority shall award a planning grant.
(2) Copies of all reports and studies prepared with planning grant funds shall be filed with the authority and shall be made available to any person upon request.
(d) Applications for project financing.--A municipality, municipal authority, redevelopment authority or industrial development agency may submit an application to the authority requesting a loan or a combination of a loan and project grant for a project. A private developer may submit an application to the board requesting a loan for a project. The application shall be on the form required by the board and shall include or demonstrate all of the following:
(1) The applicant's name and address.
(2) The location of the project.
(3) A statement that the project is consistent with any existing comprehensive county plan where the project is located.
(4) A description of the project which includes a statement that:
(i) the project is for the redevelopment, reuse or revitalization of previously developed land, including previously mined areas; or
(ii) the project is for the development of undeveloped land which may be the subject of future development pursuant to any existing comprehensive municipal plan and is zoned for such development at the time of application.
(5) An estimate of the cost of the project, prepared by an engineer or other qualified professional.
(6) A statement of the amount of the loan or combined loan and project grant sought. If the applicant is requesting a project grant, a statement as to the financial necessity for the project grant must be included.
(7) Proof that notification of the project has been sent to the governing bodies of the county or counties and of the municipality or municipalities in which the project is located.
(8) Any other information required by the board.
(e) Review of project financing applications.--The board shall review the application to determine all of the following:
(1) That the project is consistent with any existing comprehensive county plan where the project is located.
(2) That the project is the redevelopment, reuse or revitalization of previously developed land, including previously mined areas, or that the project is the development of undeveloped land which may be the subject of future development pursuant to any existing comprehensive municipal plan and is zoned for such development at the time of application.
(3) That the value of the proposed collateral and the financial resources offered by the applicant are sufficient to repay the loan.
(4) That there is a substantial likelihood the land or buildings will be used upon project completion.
(5) That the project will enable future employment opportunities in or have a net positive economic impact on the surrounding community.
(6) That the statement of the estimated cost of the project is reasonable.
(7) That the applicant complied with all other criteria established by the board.
(f) Approval of project financing applications.--Upon being satisfied that all requirements have been met, the board may approve the application, and, if approved, the authority shall award a loan or a combination of a loan and project grant to be used for costs of the project. A combined loan and project grant may be awarded only if the board finds that the value of the proposed collateral and the financial resources offered by the applicant are not sufficient to repay a loan in the amount of the total project cost.
(g) Limitations.--
(1) A planning grant awarded for a project under section (c) shall not exceed $250,000. No more than $10,000,000 of the funds made available for the program authorized by this section may be used for planning grants.
(2) (Repealed).
(3) No more than 15% of the funds made available for the program authorized by this section may be awarded for projects located within any one city, town, borough or township of this Commonwealth.
(4) The anticipated use of the land or buildings may not be primarily residential or primarily recreational.
(5) A project grant may be used only for one or more of the following purposes:
(i) Environmental assessment and remediation.
(ii) Site preparation, including earth moving activities.
(iii) Demolition of structures.
(iv) Installation or rehabilitation of infrastructure.
(v) Reimbursement of engineering and administrative expenses associated with any of the activities listed in subparagraphs (i) through (iv).