1532

LAWS OF MARYLAND

Ch. 528

[(e)] (D) The loan agreement shall be recorded among
the land records of the subdivision in which the land is
located[,] and shall constitute a [purchase money first]
lien upon the land and improvements.

[(f) The Secretary may, upon application, and after
investigation, approve a loan not exceeding $10,000 and on
an equal matching basis with funds of the borrowing
subdivision, for the purpose of financing site engineering
and/or planning studies of a potential industrial site owned
by or under option to the borrowing subdivision or owned by
the federal government upon reasonable assurance that the
site will be made available to the subdivision. Upon
approval of any such loan, the Secretary and the subdivision
shall enter into a loan agreement requiring repayment within
seven years at an interest rate calculated pursuant to
subsection (c) (3) hereof, and in accordance with an
amortization schedule approved by the Secretary.]

[(9)] (E) A loan may be made under this section to
acquire railroad property or rights—of—way, up to 100
percent of the cost of acquisition. The contents of the
application set forth in subsection (a) and the factors to
be considered by the Secretary set forth in subsection (b)
shall be AS applicable, TO THE EXTENT APPLICABLE, APPLY to
railroad property or rights—of—way, particularly the need
for rail service to support existing or potential industry,
commerce, or agriculture, and the need for acquisition to
avoid the effects of discontinuance of service or
abandonment of railroad use. References to land shall, for
the purposes of this subsection, refer to the railroad
property or rights—of—way to be acquired.

441.

(a) Any political subdivision of the State (defined
for purposes of this section as a county or the City of
Baltimore) may apply to the Secretary for a loan to finance,
with respect to an industrial park project described in the
application, any one or more of the following industrial
park project costs:

(9)    Rehabilitation of existing buildings to
make them suitable for manufacturing, assembly, fabricating,
processing, warehousing, research and development, or office
use. Such buildings may be intended for multitenant or
single tenant occupancy[.];

(10)   DEMOLITION, PROVIDED THAT IT IS DONE IN
CONJUNCTION WITH NEW CONSTRUCTION FINANCED UNDER THIS ACT;
AND

(11)   FOR A VERTICAL INDUSTRIAL PARK, WHICH IS A
STRUCTURE SUITED FOR MULTITENANT, PRIMARILY INDUSTRIAL USE,
NEW CONSTRUCTION.