Current through Register Vol. 54, No. 44, November 2, 2024
(a) An industrial development agency will not
be eligible to apply for, or receive assistance from, the Authority until it
has been certified by the Authority under this section. An application for
certification shall contain the following:
(1)
Articles of incorporation on file with the Department of State and bylaws of
the agency which indicate industrial development as a purpose. Either the
articles of incorporation or the bylaws shall provide that membership in the
agency is open to all persons interested in industrial development willing to
pay the agency's dues, and that the management of the agency is vested in a
board of directors elected by the full membership of the agency.
(2) A good standing certificate of the agency
issued by the Department of State.
(3) A certified resolution of the agency
adopting the code of ethics at §
73.3 (relating to industrial
development agency code of ethics).
(4) A list of current members and the
organization, if any, each represents.
(5) A brief resume of each current board
member.
(6) A brief resume of the
executive director or other officer of the agency principally involved with the
Authority's program, and each staff member.
(7) The location of the permanent office of
the agency, a list of other organizations utilizing the office and a
description of the activities of the other organizations.
(8) The current or proposed membership dues
structure of the agency and a list of other anticipated revenues.
(9) Indication of a broad-based private
sector support evidenced by a fundraising drive which satisfies the following
criteria:
(i) A minimum of $10,000 is
raised.
(ii) There are a minimum of
25 contributors for each 100,000 in population of the geographic area served by
the agency, but in no case fewer than 25 contributors.
(10) An industrial development plan of the
agency, including an explanation of the need for a new agency in the geographic
area the agency will serve.
(11) A
bound copy of the latest financial statement of the agency prepared by an
independent certified public accountant.
(12) A statement as to the geographic area
the agency will serve.
(13) A
statement of the service fee the agency will charge.
(b) After the submission of a complete
application for certification by an agency, the Authority will certify the
agency as eligible to apply for, and receive assistance from, the Authority if
the Authority determines that the following exist:
(1) The services of other agencies in the
area are not sufficient to address the needs which the applicant agency intends
to address.
(2) Full-time,
part-time or volunteer staff services by persons with backgrounds in industrial
development will continue to be available to the agency.
(3) Operating funds will continue to be
available to the agency.
(c) The first application for assistance for
a project submitted by an agency to the Authority shall demonstrate a
substantial financial participation by the agency in the project. A substantial
financial participation will be 5% of the total project cost or a minimum
participation amount, whichever is less. The agency's participation may be
made, at the Authority's discretion, through funds or property of the agency or
funds or property received from or committed to the project by the beneficial
owner or the industrial occupant. The minimum participation amount will be
determined by the Authority based on unemployment statistics, inflation, the
Authority's cash flow and the need to keep the Commonwealth and its business
competitive, and will be published as a notice in the Pennsylvania
Bulletin.
