Criteria for Special Project Funding
Special types of development projects must meet the following criteria. If the project consists:
Solely of the acquisition of land by the municipality, the land must be identified in the applicable land use or capital plan as necessary for a potential development project or be zoned solely for commercial or industrial use. A loan for such a project must be repaid if the land that is acquired through the proceeds of the loan is rezoned so as to be no longer zoned for industrial or commercial use.
Of a privately owned railroad, the railroad must be designated by the owner and operator as subject to abandonment within three years, pursuant to federal law governing abandonment of common carrier railroad lines.
Of a telecommunications system, the governing body of the municipality shall adopt a resolution, after a public hearing, finding that the proposed telecommunications system project is necessary and would not otherwise be provided by a for-profit entity within a reasonable time and for a reasonable cost.
Of an energy system, the municipality and the serving utility must execute an ownership and operating agreement for the proposed energy system project. This sub-section does not apply when the energy system project will be located within the recognized service territory of the municipality.
Of a project for a utility system that is functionally connected to, or anticipates connecting to, another municipality’s utility system, an intergovernmental cooperation agreement that describes the duties and obligations of each entity in regard to the project and utility system is required. A certified copy of the fully executed intergovernmental agreement must be provided before the Authority will disburse funds.