LD 1503
pg. 7
Page 6 of 13 PUBLIC Law Chapter 425 Page 8 of 13
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LR 415
Item 1

 
D. Provide and maintain, with funds other than those
provided by the authority, an adequate access road from a
public highway to the proposed site and provide and maintain
water, sewer and power facilities. The municipality or
local development corporation must be responsible for
plowing out the plant site at all times and for landscaping
the grounds surrounding the building until the building is
occupied by a tenant;

 
E. Comply with applicable zoning, planning and sanitary
regulations in the municipality where the community
speculative industrial building is to be located. A loan
may not be approved and a certificate of approval for the
project or for any subsequent enlargement or addition to the
project may not be issued until the Department of
Environmental Protection has certified to the authority that
all licenses required by the authority have been issued or
that none are required; and

 
F. Make adequate provisions for insurance and fire
protection and for maintenance of the community speculative
industrial building while it is unoccupied.

 
3. Loan terms. Terms for a loan under this section are as
follows.

 
A. The authority shall prescribe the terms and conditions
of the loan.

 
B. Loans must be repaid in full, including interest and
other charges, within 90 days after the community
speculative industrial building is occupied.

 
C. A community speculative industrial building financed by
an authority loan may not be sold or leased without the
express approval of the purchaser or lessee by the
authority. If the municipality or local development
corporation and the authority agree that a community
speculative industrial building is unlikely to be sold in
the near future despite a marketing effort, the authority
may permit an interim lease upon terms it considers
appropriate for the protection of the Community Speculative
Industrial Buildings Fund or any successor to the fund.
Occupation of the premises under an interim lease does not
require payment in full of the entire loan within 90 days,
as provided in paragraph B.

 
4. Marketing and promotion. The municipality or local
development corporation receiving money under this section shall
make a reasonable and continual effort to market the community


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