HARRY HUGHES, Governor

1381

(6)   THE DEGREE TO WHICH LOCAL GOVERNMENTAL
SOURCES OF FUNDING ARE COMMITTED TO THE PROJECT;

(7)   THE DEGREE TO WHICH PRIVATE FINANCIAL
RESOURCES ARE COMMITTED TO THE PROJECT; AND

(8)   THE DEGREE TO WHICH THE COMMUNITY DIRECTLY
IMPACTED HAS DEMONSTRATED THEIR COMMITMENT TO THE PROJECT;
AND

(8) (9) THE LIKELIHOOD OF RECOUPMENT OF PROJECT
COSTS THROUGH SALE OR LEASE OF REDEVELOPED PROPERTY OR
INCREASED ASSESSABLE BASE, ALTHOUGH THIS FACTOR DOES NOT
PRECLUDE THE USE OF WRITE-DOWNS OR FAVORABLE PROPERTY TAX
TREATMENT FOR THE PURPOSE OF STIMULATING ECONOMIC AND
COMMERCIAL ACTIVITY.; AND

(10) THE DEGREE OF ASSURANCE THAT THE PROJECT
WILL BE COMPLETED ON TIME AND WITHIN ITS BUDGET.

(B) IN   DETERMINING WHETHER THE EXPENDITURE OF STATE

FUNDS SHALL     BE IN THE FORM OF A LOAN OR GRANT AND IN

DETERMINING     THE TERMS OF A LOAN, THE SECRETARY SHALL

CONSIDER, AS ADDITIONAL FACTORS:

(1)   THE FISCAL SITUATION OF THE APPLYING
POLITICAL SUBDIVISION;

(2)   THE FUNDS AVAILABLE IN THE INDUSTRIAL AND
COMMERCIAL REDEVELOPMENT FUND; AND

(3)   THE DEGREE OF STATE ASSISTANCE NEEDED FOR
THE PROJECT, WITH THE OBJECTIVE OF CONSERVING THE STATE'S
LIMITED FINANCIAL RESOURCES.

465.

IF AN APPLICATION FOR A GRANT OR LOAN MEETS THE GENERAL
CRITERION AND SUPPORTING FACTORS AND IS JUSTIFIED IN
RELATION TO COMPETING APPLICATIONS AND THE AMOUNT OF FUNDS
AVAILABLE, THE SECRETARY SHALL MAKE A PRELIMINARY FINDING OF
FEASIBILITY AND COMMUNICATE TO THE POLITICAL SUBDIVISION ANY
RECOMMENDED CHANGES IN THE PROJECT PLAN AND ANY CONDITIONS
TO THE LOAN OR GRANT, NOT INCONSISTENT WITH THIS SUBTITLE OR
OTHER LAW. THE PROJECT PLAN, INCLUDING THE TERMS OF THE
LOAN OR GRANT, AS REVISED BY THE PROCESS OF CONSULTATION
BETWEEN THE POLITICAL SUBDIVISION AND THE DEPARTMENT, SHALL
BE SUBMITTED TO THE LOCAL GOVERNING BODY IN ITS FINAL FORM.
ON APPROVAL OF THE FINAL PLAN, BY ORDINANCE OR RESOLUTION,
THE SECRETARY SHALL RECOMMEND TO THE BOARD OF PUBLIC WORKS
APPROVAL OF THE LOAN OR GRANT. THE BOARD OF PUBLIC WORKS
MAY APPROVE THE LOAN OR GRANT CONDITIONAL ON MODIFYING ITS
TERMS.

466.