Industrial Parks, Speculative Buildings, and Small Business Incubator Facilities

V.S.A. tit. 10, ch. 12, subch. 3

in effect

10 V.S.A. § 231 Assistance to local development corporations

231. Assistance to local development corporations Upon application of a local development corporation, the Authority may loan money to that local development corporation, upon such terms and conditions as it may prescribe, for the purpose of industrial park planning and development, for constructing or improving a speculative building or small business incubator facility on land owned or held under lease by the local development corporation, for purchase or improvement of existing buildings suitable for or which can be made suitable for industrial or small business incubation facility purposes and for the purchase of land in connection with any of the foregoing. Before the local development corporation receives such funds for such purposes from the Authority, it shall give to the Authority security for the repayment of the funds. The security shall be in such form and amounts as the Authority may determine and shall, in each instance, include a first mortgage on the land, or the leasehold, building, and appurtenances financed by such funds. Loans by the Authority to local development corporations for the construction of speculative buildings or improvements to those buildings shall be repaid in full, including interest and other charges, within 90 days after the building is occupied if the building is being sold, or within five years after the property is occupied if the building is being leased, or within such period of time deemed reasonable by the Authority. Loans by the Authority to local development corporations for the construction, purchase, or improvement of small business incubator facilities shall be repaid in full, including interest and other charges, within 20 years after the property is occupied. Added 1973, No. 197 (Adj. Sess.), § 1; amended 1977, No. 52, § 8, eff. April 22, 1977; 1985, No. 136 (Adj. Sess.), § 7, eff. April 24, 1986; 1991, No. 76, § 1; 2025, No. 26, § 1, eff. July 1, 2025.

10 V.S.A. § 232 Issuance of loans for speculative buildings and small business incubator facilities

232. Issuance of loans for speculative buildings and small business incubator facilities Before issuing any loan under this subchapter for construction of a speculative building or small business incubator facilities and the purchase of land in connection therewith, the Authority, or the Authority’s loan officer pursuant to the provisions of subdivision 216(15) of this title, shall determine and incorporate the following findings in its minutes. Such findings when adopted by the Authority shall be conclusive: (1) The project is within the scope of this chapter, will be of public use and benefit, and may reasonably be expected to create new employment opportunities. (2) The proposed site for the speculative building or small business incubator facilities will be located on adequate land owned or to be acquired by the local development corporation or leased by the local development corporation on terms satisfactory to the Authority. (3) An adequate access road from a public highway is provided to the proposed site and that such utilities as water, sewer, and power facilities are available, or will be available when the speculative building or small business incubator facilities is completed. (4) The project plans comply with all applicable environmental, zoning, planning and sanitary laws and regulations of the municipality where it is to be located and of the State of Vermont. (5) The local development corporation is responsible and has presented evidence to demonstrate its ability to carry out the project as planned. (6) Evidence has been presented demonstrating the feasibility of the site as a location for business, and additional evidence has been presented that an adequate supply of labor is available within the labor market area to serve a business located on the site or in the small business incubator facility. (7) The local development corporation has made adequate provisions for insurance protection of the building while it is unoccupied and suitable arrangements have been made for fire protection and maintenance while it is unoccupied. (8) The project will be without unreasonable risk of loss to the Authority. (9) The local development corporation is unable to secure on reasonable terms the funds required for the project without the assistance of the Authority, or in the alternative, the making of the loan will serve as a substantial inducement for the establishment or expansion of a speculative building or small business incubator. Added 1973, No. 197 (Adj. Sess.), § 1; amended 1985, No. 136 (Adj. Sess.), § 8, eff. April 24, 1986; 1991, No. 76, § 2; 1995, No. 46, § 7, eff. April 20, 1995.

10 V.S.A. § 233 Depressed areas

233. Depressed areas The Authority shall give preference to the areas within labor market districts declared to be economically depressed areas as defined by the Vermont Agency of Commerce and Community Development or the Vermont Department of Labor, or to the area that is a designated job development zone under chapter 29, subchapter 2 of this title. Added 1973, No. 197 (Adj. Sess.), § 1; amended 1981, No. 66, § 5(a), eff. May 1, 1981; 1985, No. 172 (Adj. Sess.), § 2; 1995, No. 190 (Adj. Sess.), § 1(a); 2005, No. 103 (Adj. Sess.), § 3, eff. April 5, 2006.

10 V.S.A. § 236 Taxes

236. Taxes (a) While a part of a building or industrial park owned by a local development corporation and subject to a mortgage to the Authority or the State of Vermont under this subchapter remains unoccupied, that portion that remains unoccupied shall be exempt from all taxes and special assessments of the State or a municipality. Instead of taxes, payments shall be made by the local development corporation to the municipality in which the speculative building or industrial park is located for highway maintenance, fire protection, or for other services. (b) Any property to which the Authority holds title by reason of foreclosure upon a mortgage or other security given by a local development corporation in connection with a loan made under this subchapter, or voluntary conveyance in lieu thereof, shall, as long as it is not leased or rented, be exempt from all taxes and special assessments of the State and all local municipal property taxes for the remaining balance of the tax year in which title becomes vested in the Authority and the entire next succeeding year, provided however, that thereafter the Authority shall pay 50 percent of the local municipal property taxes annually assessed against such property during the term of the Authority’s ownership. Added 1973, No. 197 (Adj. Sess.), § 1; amended 1977, No. 52, § 9, eff. April 22, 1977; 1981, No. 54, § 14, eff. April 28, 1981.

10 V.S.A. § 237 Issuing of loans for industrial park planning and development projects

237. Issuing of loans for industrial park planning and development projects Before issuing any loan under this subchapter for industrial park planning and development, and the purchase of land in connection therewith, the Authority shall determine and incorporate in its minutes the findings that: (1) The proposed industrial park is on adequate land owned or to be owned by the local development corporation or leased by the local development corporation on terms satisfactory to the Authority. (2) An adequate access road from a public highway is provided to the proposed site, and utilities, including water, sewer, and power facilities, are available or will be available for any future tenant located in the park. (3) The total industrial park will be planned by architects and engineers acceptable to the Authority. (4) No more than 80 percent of the fair market value of the industrial park, as shown by appraisal by an appraiser acceptable to the Authority, is to be financed under the loan. (5) The park project is within the scope of this chapter, will be of public use and benefit, and may reasonably be expected to create new employment opportunities. (6) The park project complies with all applicable environmental, zoning, planning and sanitary laws and regulations of the municipality in which it is to be located and of the State of Vermont. (7) The local development corporation is responsible and has presented evidence to demonstrate its ability to carry out the park project as planned. (8) Evidence has been presented demonstrating the feasibility of the site as a location for industry, and additional evidence has been presented that an adequate supply of labor is available within the labor market area to serve an industry located on the site. (9) The park project will be without unreasonable risk of loss to the Authority, and the local development corporation is unable to secure on reasonable terms the funds required for the project without the assistance of the Authority. Such findings when adopted by the Authority shall be conclusive. Added 1973, No. 197 (Adj. Sess.), § 1.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/10/012Fetched: 10/21/2026