RULES FOR THE COMMUNITY INDUSTRIAL BUILDINGS PROGRAM Summary: The Maine Rural Development Authority was created by the 120th Legislature in 2002 and funded through a bond issue. The Authority will administer the Community Industrial Buildings Program. The Community Industrial Buildings Program was created in 1973 to provide Maine communities with financial assistance for the development of speculative industrial properties. This rule defines the application process for the Program. Basis Statement: The overall goal of the Program is to foster job creation and encourage business development in Maine with a primary focus on rural communities. In particular, the program provides loans to Local Development Corporations for construction and/or associated costs of a speculative building. The program is a non?lapsing revolving fund. The rule defines the application process for the program, the responsibilities of Local Development Corporations that receive a loan through the Program, and the terms and conditions of financial assistance the Authority may provide to Local Development Corporations, pursuant to 5 M.R.S.A., Chapter 383, Subchapter IX. RULES FOR THE COMMERCIAL FACILITIES DEVELOPMENT PROGRAM Summary: The Maine Rural Development Authority is responsible for administering the Commercial Facilities Development Program. This rule defines the application and approval process for financial assistance from the Program. Basis Statement: The Commercial Facilities Development Program was established in Title 5 Chapter 383 Section IX to serve the following purposes: A. Restore employment opportunities by serving as lender, principal, partner or investor in the acquisition and redevelopment of nonproductive commercial facilities for subsequent return to productive use through sale or lease; and B. Create employment opportunities in areas of economic need that are underserved by private investors by serving as lender, principal, partner or investor in the acquisition of property and development of commercial facilities for subsequent sale or lease into private productive use. The Authority is directed to make all reasonable and appropriate efforts to maximize the leverage of its funds through partnership and risk-sharing arrangements with public and private organizations. The Authority's lending authority for this program is effective as of September 13, 2003. In response to comments, changes were made in this rule to reflect the newly enacted changes in statute and to clarify Sections 5-H and Section 6C- 4 in regards to the intent of the Authority on refinancing debt and terms of financial assistance. |