C. The property has not been placed under a purchase option or contract;

D. The authority, using due diligence, has determined that:

(1) There is a reasonable expectation that the property will become financially viable following its development;

(2) The development of the property will create employment opportunities and other economic benefits within the region; and

(3) The economic benefits expected to result from the development justify the risks associated with the authority's equity interest in the property; and

E. At If the municipality or the local development corporation is the source of the project, such as through owning the property, or uses town or other grant funds to participate in the redevelopment project, at least 25% of the authority's total cost to acquire, develop and bring the property to productive commercial use will be borne by the that municipality or local development corporation.; and

F.__If that undeveloped land or personal property is part of the overall development project.

Sec. 11. 5 MRSA §15302, sub-§3, as enacted by PL 1999, c. 401, Pt. AAA, §3 and amended by PL 2003, c. 20, Pt. OO, §2 and affected by §4, is further amended to read:

3. Board of Directors of the Maine Technology Institute. The institute is governed and all of its powers exercised by a board of directors, referred to in this chapter as the "board," consisting of 12 13 voting members and 3 2 nonvoting members.

A. The Governor shall appoint 9 10 voting directors, 7 8 of whom must be representatives of targeted technologies. The other 2 directors must have demonstrated significant experience in finance, lending or venture capital. In making the appointments from targeted technologies, the Governor shall consider recommendations submitted by representatives of targeted technology sectors. Directors of the board appointed by the Governor are entitled to receive reimbursement at the legislative rate for necessary