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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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