An Act To Promote Downtown Revitalization by Creating the Locating Businesses Downtown Loan Program
Sec. 1. 5 MRSA §13056-D, sub-§1, as enacted by PL 2009, c. 414, Pt. G, §1 and affected by §5, is amended to read:
Sec. 2. 5 MRSA §13056-D, sub-§7, as enacted by PL 2009, c. 414, Pt. G, §1 and affected by §5, is amended to read:
Sec. 3. 5 MRSA §13056-H is enacted to read:
§ 13056-H. Locating Businesses Downtown Loan Program
Loans under the program may be forgiven if the loan recipient satisfies criteria established by the department in rules adopted under subsection 8 that, at a minimum, require loan recipients to remain in downtown areas, village areas or along main streets for a specified time after receiving the loan.
In reviewing loan applications, department staff and the loan review panel shall use the scoring system and criteria established under subsection 5.
This bill establishes the Locating Businesses Downtown Loan Program within the Communities for Maine's Future Program to provide forgivable loans for businesses seeking to initially locate or to relocate in a downtown area, village area or along a main street within the State. Applications for loans under the program are evaluated by the Department of Economic and Community Development in conjunction with a loan review panel. Successful applicants must execute a loan agreement prepared by the department specifying the terms and conditions of the loan, including the length of time that a business must remain in the downtown area, village area or along a main street within the State for the loan to be forgiven.