§ 73.14. Interest rate penalty for failure to create projected employment.
Job creation projections shall be required on applications for assistance from the Authority for industrial development projects. Industrial occupants have 3 years from the date of occupancy of the project to meet the job projections. Jobs created at the project site after the industrial development agency agrees to sponsor the project will be counted by the Authority. The loan documents may provide that an increased interest rate may be imposed on a project which fails to meet its 3-year employment projections, under § § 73.161—73.163 (relating to penalties).
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