§ 73.113a. KIZ projects.
(a) The KIZ Program was established under 37 Pa.C.S. Chapter 12 (relating to Keystone Innovation Zones) and the PIDA Board was authorized to provide loans for projects in which at least one Keystone Innovation Zone company or ‘‘KIZ company’’ will be located. A ‘‘Keystone Innovation Zone Company’’ is defined in 37 Pa.C.S. § 3702 (relating to definitions) as a for-profit business entity which is all of the following:
(1) Located within a KIZ.
(2) Has been in operation for less than 8 years.
(3) Falls within one of the targeted industry segments adopted by the Keystone Innovation Zone Partnership in its strategic plan.
(b) If the structure is intended to accommodate more than one KIZ company, at least 80% of the space in the structure must be leased to KIZ companies.
(c) The provisions of 37 Pa.C.S. Chapter 12 authorize the PIDA Board to establish the maximum loan participation rate to be applied to KIZ company projects. In the interest of promoting eligible KIZ company projects, the PIDA will consider loans of up to 75% of the cost of eligible KIZ company projects.
(d) Except as provided above with respect to the loan participation rate and the eligibility of KIZ companies (which might not otherwise be eligible for PIDA financing), all other terms of the act and this subchapter apply to KIZ company projects.
Source The provisions of this § 73.113a adopted October 19, 2007, effective October 20, 2007, 37 Pa.B. 5601.
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