(3) Improve the competitiveness of the occupant business.

B. Not more than one unoccupied community speculative industrial building project may be financed in a municipality.

C. The authority shall charge interest on loans or funds provided under this section to the municipality or local development corporation for a community speculative industrial building that remains unoccupied for 3 or more years following completion of the building.

D. The authority shall adopt rules under chapter 375 with respect to:

(1) The methodology and criteria for allocating funds to community speculative industrial building projects;

(2) The process through which municipalities and local development corporations must apply for community speculative industrial building funds;

(3) Rates of interest, the duration of interest payments and any other terms to which municipalities and local development corporations must be subject under this paragraph; and

(4) Other matters necessary to the proper administration of this section.

Rules adopted under this paragraph are routine technical rules pursuant to chapter 375, subchapter 2-A.

2. Obligations. The municipality or local development corporation receiving money under this section must:

A. Own, or hold on long-term lease, the site for the project;

B. Be responsible for and present evidence to the authority of its ability to carry out the project as planned;

C. Site and maintain the community speculative industrial building on property that is appropriate to the size and location of the community speculative industrial building;