Section 73.308. Loan terms: industrial parks and multiple-tenancy building projects

The terms of industrial park loans and multiple-tenancy building project loans are generally as follows:

(1) Industrial park loan terms are 15 years. No principal will be required to be paid during the first 5 years. Interest on the loan for the first 2 years will be deferred and paid in a lump sum at the end of the first 2 years. Interest for the 3rd, 4th and 5th years will be paid monthly. Amortization of principal and interest will be paid on a regular monthly basis in the 6th—15th year. In addition, a portion of sales proceeds or rentals derived from a conveyance or lease of any portion of the industrial park shall be paid to PIDA and applied as a prepayment of PIDA’s loan.

(2) Multiple-tenancy building project loan terms are 15 years. Interest only will be paid monthly for the first 2 years. Amortization of principal and interest will be paid on a regular monthly basis in the 3rd—15th year.

The provisions of this § 73.308 adopted and renumbered from § 303.78, March 20, 1992, effective March 21, 1992, 22 Pa.B. 1270; amended October 19, 2007, effective October 20, 2007, 37 Pa.B. 5601. Immediately preceding text appears at serial page (230923).