§ 10. Findings of the corporation. Notwithstanding any other provision
of this act, the corporation shall not be empowered to undertake the
acquisition, construction, reconstruction, rehabilitation or improvement
of a project unless the corporation finds:

(a) in the case of a residential project:

(1) That there exists, in the area in which the project is to be
located, or in an area reasonably accessible to such area, a need for
safe and sanitary housing accommodations for persons or families of low
income, which the operations of private enterprise cannot provide;

(2) That the project has been approved as a project of a housing
company pursuant to the provisions of the private housing finance law.

(b) in the case of an industrial project:

(1) That the area in which the project is to be located is a
substandard or insanitary area, or is in danger of becoming a
substandard or insanitary area, wherein there exists a condition of
substantial and persistent unemployment or underemployment;

(2) That the acquisition or construction and operation of such project
will prevent, eliminate or reduce unemployment or underemployment in
such area;

(3) That such project shall consist of a building or buildings which
are suitable for manufacturing, warehousing or research or other
industrial, business or commercial purposes.

(4) That adequate provision has been, or will be made for the payment
of the cost of the acquisition, construction, operation, maintenance and
upkeep of such project.

(5) That the acquisition and construction, proposed leasing, operation
and use of such project will aid in the development, growth and
prosperity of the state and the area in which such project is located;

(6) That the plans and specifications assure adequate light, air,
sanitation and fire protection.

(c) in the case of a land use improvement project:

(1) That the area in which the project is to be located is a
substandard or insanitary area, or is in danger of becoming a
substandard or insanitary area and tends to impair or arrest the sound
growth and development of the municipality;

(2) That the project consists of a plan or undertaking for the
clearance, replanning, reconstruction and rehabilitation of such area
and for recreational and other facilities incidental or appurtenant
thereto;

(3) That the plan or undertaking affords maximum opportunity for
participation by private enterprise, consistent with the sound needs of
the municipality as a whole.

(d) in the case of a civic project:

(1) That there exists in the area in which the project is to be
located, a need for the educational, cultural, recreational, community,
municipal, public service or other civic facility to be included in the
project;

(2) That the project shall consist of a building or buildings or other
facilities which are suitable for educational, cultural, recreational,
community, municipal, public service or other civic purposes;

(3) That such project will be leased to or owned by the state or an
agency or instrumentality thereof, a municipality or an agency or
instrumentality thereof, a public corporation, or any other entity which
is carrying out a community, municipal, public service or other civic
purpose, and that adequate provision has been, or will be, made for the
payment of the cost of acquisition, construction, operation, maintenance
and upkeep of the project;

(4) That the plans and specifications assure or will assure adequate
light, air, sanitation and fire protection.

(e) in the case of an industrial effectiveness project:

(1) That a feasibility study or productivity assessment exists
demonstrating the potential for future profitability of the firm
requesting financial assistance and such study or assessment has been
reviewed and approved by the commissioner of economic development;

(2) That for loans to implement a corporate restructuring or
turnaround plan, the management of the industrial firm requesting
assistance is capable and the firm has a sound business development plan
that includes measures to ensure labor and management cooperation and to
effect changes required to continue as a successful business;

(3) That the requested financial assistance is not available from
other public or private financing sources; and

(4) That the area in which the project is to be located is a
substandard or insanitary area, or is in danger of becoming a
substandard or insanitary area, wherein there exists a condition of
substantial and persistent unemployment or underemployment.

(f) in the case of a small and medium-sized business assistance
project:

(1) That the area in which the project will be located is a
substandard or insanitary area, or is in danger of becoming a
substandard or insanitary area, wherein there exists a condition of
substantial and persistent unemployment or underemployment;

(2) That the project demonstrates market, management and financial
feasibility and has a clear likelihood of success;

(3) That the industrial firm provides at least a ten percent equity
contribution and such contribution is not derived from other
governmental sources;

(4) That the requested financial assistance is not available from
other public or private financing sources on terms compatible with the
successful completion of the project;

(5) That the project will not result in the relocation of any
industrial firm from one municipality within the state to another
municipality, except under one of the following conditions: (i) when an
industrial firm is relocating within a municipality with a population of
at least one million where the governing body of such municipality
approves such relocation; or (ii) the corporation notifies each
municipality from which such industrial firm will be relocated and each
municipality agrees to such relocation; and

(6) That the project is not for the purpose of refinancing any portion
of the total project cost or other existing loans or debts of the
project sponsor or owner.

(g) in the case of all projects, that there is a feasible method for
the relocation of families and individuals displaced from the project
area into decent, safe and sanitary dwellings, which are or will be
provided in the project area or in other areas not generally less
desirable in regard to public utilities and public and commercial
facilities, at rents or prices within the financial means of such
families or individuals, and reasonably accessible to their places of
employment. Insofar as is feasible, the corporation shall offer housing
accommodations to such families and individuals in residential projects
of the corporation. The corporation may render to business and
commercial tenants and to families or other persons displaced from the
project area, such assistance as it may deem necessary to enable them to
relocate.

(h) in the case of all projects, the corporation shall state the basis
for its findings.