Text: SF00059 Text: SF00061 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 12.53 SPECULATIVE BUILDING DE- 1 2 VELOPMENT. 1 3 1. The treasurer of state shall establish a speculative 1 4 building development linked investment loan program to 1 5 increase the availability of lower cost funds for the 1 6 development of new or improved buildings built and owned by 1 7 local nonprofit development corporations to facilitate 1 8 economic development in the state. 1 9 2. For the purposes of this section, "nonprofit 1 10 development corporation" means a corporation organized under 1 11 chapter 504A for the purpose of encouraging or assisting 1 12 business or industrial development. The governing body of the 1 13 city or county where the property for the speculative building 1 14 is to be located shall adopt a resolution certifying to the 1 15 treasurer of state that the nonprofit development corporation 1 16 is qualified to participate in the speculative building 1 17 development linked investment loan program. 1 18 3. A linked investment loan shall only be approved in con- 1 19 nection with a loan application from a nonprofit development 1 20 corporation for the purchase of land or an existing building, 1 21 the improvement of an existing building, or the construction 1 22 of a new building and related property improvements. 1 23 4. The maximum size of a building development linked 1 24 investment loan is two hundred fifty thousand dollars per 1 25 borrower. 1 26 EXPLANATION 1 27 This bill establishes a linked investment program for non- 1 28 profit development corporations to increase the availability 1 29 of new or improved buildings for business and industrial 1 30 economic development. The bill sets the maximum loan at 1 31 $250,000 and provides that the city or county in which the 1 32 property for a speculative building is located certify that 1 33 the nonprofit development corporation is qualified to 1 34 participate in the program. 1 35 LSB 1346SS 76 2 1 mk/jw/5
Text: SF00059 Text: SF00061 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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