Section 73.309. Commencement and refinancing

A project may only be financed by PIDA if the project is commenced after PIDA approves either assistance for the project or the commencement of the project. For this purpose, commencement includes taking title to project property, and actual commencement of construction. PIDA will not refinance assets owned by a beneficial owner or industrial occupant or an affiliate of a beneficial owner or industrial occupant before PIDA approves either assistance for the project or commencement of the project. Assets leased by a beneficial owner or industrial occupant or an affiliate of either may be eligible for financing if there is no equity build up in those assets for the benefit of the beneficial owner, industrial occupant or affiliate during the term of the lease. PIDA’s loan may be used to replace interim or construction financing that was put in place after PIDA approved assistance for the project or the commencement of the project.

The provisions of this § 73.309 adopted and renumbered from § 303.79, 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 pages (230923) to (230924).

Notation

Cross References

This section cited in 12 Pa. Code § 73.312 (relating to related parties).