Loans for industrial parks.
12 Pa.C.S. § 3007
in effectThe authority may contract to loan an amount not to exceed 75% of the cost of establishing an industrial park project, subject to the following conditions:
(1) The authority shall determine the interest rate and repayment period of the loan.
(2) The loan must be evidenced by note of the borrower and secured by a first mortgage on the industrial park or by participation in a first mortgage. If a Federal agency participates in the financing of the industrial park, the authority may take as security for its loan a mortgage on the industrial park which is second only to the mortgage given to the Federal agency.
(3) If the loan is secured by participation in a first mortgage on the industrial park, a portion of the loan, not to exceed 10% of the cost of the project, may be secured by a second mortgage on the industrial park which is second only to the participating first mortgage.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM&ttl=12Fetched: 10/16/2026