The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
003
:
INDUSTRIAL PARKS, SPECULATIVE BUILDINGS, AND SMALL BUSINESS INCUBATOR FACILITIES
(Cite as: 10 V.S.A. § 231)
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§ 231. Assistance to local development corporations
Upon application of a local development corporation, the Authority may loan money
to that local development corporation, upon such terms and conditions as it may prescribe,
for the purpose of industrial park planning and development, for constructing or improving
a speculative building or small business incubator facility on land owned or held
under lease by the local development corporation, for purchase or improvement of existing
buildings suitable for or which can be made suitable for industrial or small business
incubation facility purposes and for the purchase of land in connection with any of
the foregoing. Before the local development corporation receives such funds for such
purposes from the Authority, it shall give to the Authority security for the repayment
of the funds. The security shall be in such form and amounts as the Authority may
determine and shall, in each instance, include a first mortgage on the land, or the
leasehold, building, and appurtenances financed by such funds. Loans by the Authority
to local development corporations for the construction of speculative buildings or
improvements to those buildings shall be repaid in full, including interest and other
charges, within 90 days after the building is occupied if the building is being sold,
or within five years after the property is occupied if the building is being leased,
or within such period of time deemed reasonable by the Authority. Loans by the Authority
to local development corporations for the construction, purchase, or improvement of
small business incubator facilities shall be repaid in full, including interest and
other charges, within 20 years after the property is occupied. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1977, No. 52, 1986 § 8, eff. April 22, 1977; 1985, No. 136 (Adj. Sess.), § 7, eff. April 24, 1991, No. 76, § 1; 2025, No. 26, § 1, eff. July 1, 2025.)