The authority may assist a municipality or local development corporation to construct a community speculative industrial building by loaning the municipality or local development corporation money for construction or carrying costs or both for the project, subject to the following.

1. Project. The following conditions apply to a project receiving money under this section.

A. The project must be within the scope of this subchapter, must be of public use and benefit and must reasonably be expected to accomplish one or more of the following:

(1) Create new employment opportunities;

(2) Retain or improve existing employment; or

(3) Improve the competitiveness of the occupant business.

B. Not more than one unoccupied community speculative industrial building project may be financed in a municipality.

C. The authority shall charge interest on loans or funds provided under this section to the municipality or local development corporation for a community speculative industrial building that remains unoccupied for 3 or more years following completion of the building.

D. The authority shall adopt rules under chapter 375 with respect to:

(1) The methodology and criteria for allocating funds to community speculative industrial building projects;

(2) The process through which municipalities and local development corporations must apply for community speculative industrial building funds;

(3) Rates of interest, the duration of interest payments and any other terms to which municipalities and local development corporations must be subject under this paragraph; and

(4) Other matters necessary to the proper administration of this section.