New Hampshire Revised Statutes 162-G:8 – Approval of Governing Body or Business and Industrial Development Authority
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I. Except as provided in paragraph II, no municipality shall acquire any business and industrial facility, or execute any lease or trust indenture or issue any bonds with respect thereto, unless the governing body has found after a hearing that the proposed acquisition, leasing, operation, and use of such business and industrial facility will serve a public use and provide a public benefit and that such acquisition and leasing will be within the policy of and the authority conferred by this chapter. The governing body shall, before or after hearing, determine the appropriateness of proceeding under this chapter as required under N.H. Rev. Stat. § 162-G:2. The determination required by this section may be made by the governing body only after finding to its satisfaction that:
(a) The proposed business and industrial project can be feasibly located on the intended site and required utilities and access are or will be provided; and
(b) The establishment and operation of the business and industrial facility will alleviate or prevent unemployment or underemployment, either in whole or in part, in the area in which such business and industrial facility is located; and
(c) Such business and industrial facility will consist of land, or land and business and industrial building, or buildings, which are suitable for business, industrial, manufacturing, waste processing, or warehousing purposes; and
(d) Any proposed purchasers or tenants have the skills and financial resources necessary to operate the business and industrial facility successfully; and
(e) Adequate provision has been, or will be, made for the payment of the cost of the construction of such business and industrial facility and that under no circumstances will the municipality be obligated, directly or indirectly, for the payment of the cost of construction of such business and industrial facility, or for the payment of the principal of, or interest on, any obligations issued to finance such construction from funds other than those received under the provisions of the lease or the trust indenture except to the extent permitted by this chapter; and
(f) Adequate provision has been, or will be, made in the lease for the payment of all costs of operation, maintenance, and upkeep of such business and industrial facility by the tenant or occupant so that under no circumstances will the municipality be obligated, directly or indirectly, for the payment of such costs from funds other than those received under the provisions of the lease or trust indenture except to the extent permitted by this chapter; and
(g) The proposed acquisition, leasing, operation, and use of such business and industrial facility will aid in the development, growth, and prosperity of the municipality in which such business and industrial facility is located, or of the municipality undertaking the project.
II. Notwithstanding the requirements of paragraph I of this section, one or more municipalities acting through a business and industrial development authority may acquire facilities, purchase options to buy business and industrial facilities, and execute agreements to purchase leases and notes and mortgages with respect thereto, if such business and industrial development authority makes the findings and determinations required under paragraph I, provided that no contract entered into by any business and industrial development authority under this section shall commit any municipality to make expenditures in excess of the total of appropriations by the individual municipality’s legislative body specifically for meeting the commitments made and the income from leases and subleases of the subject premises. In all instances the public benefit shall be demonstrable.
III. Notwithstanding the provisions of RSA 91-A, the hearings required by this section may be held in nonpublic session, and reports of the investigations which may be conducted in aid of the determinations and findings required by this section may be kept confidential, to the extent necessary in respect of the sensitive, confidential, or proprietary nature of information supplied by prospective vendors, including optionors; vendees, including optionees; lessors; lessees; sublessors; and sublessees of business and industrial facilities.
IV. Any governmental unit may form and have in operation more than one business and industrial development authority at a time.
(a) The proposed business and industrial project can be feasibly located on the intended site and required utilities and access are or will be provided; and
Terms Used In New Hampshire Revised Statutes 162-G:8
- authority: shall mean the board of directors of a corporation described in N. See New Hampshire Revised Statutes 162-G:3
- Business and industrial development authority: hereinafter referred to as the "authority" shall mean the board of directors of a corporation described in N. See New Hampshire Revised Statutes 162-G:3
- Business and industrial facility: shall mean any land, any building or other improvement, and all real and personal properties, including but not limited to, machinery and equipment deemed necessary in connection therewith, whether or not now in existence, which shall be suitable for use for commercial, business service, mixed-use development, manufacturing, warehousing, processing wastes, renewable energy, or other business and industrial purposes, but shall not include raw materials, work in process or stock in trade. See New Hampshire Revised Statutes 162-G:3
- Contract: A legal written agreement that becomes binding when signed.
- Governing body: shall mean the board or body in which the general executive powers of the governmental unit are vested as defined in N. See New Hampshire Revised Statutes 162-G:3
- Governmental unit: shall mean a city or a town. See New Hampshire Revised Statutes 162-G:3
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease: means :
(a) In the case where the authority is the lessor, "lease" shall mean a written instrument to which the authority and a tenant are parties and which provides for the use and occupancy of a business and industrial facility and the payment of rent to the authority. See New Hampshire Revised Statutes 162-G:3 - Legislative body: shall mean legislative body as defined in N. See New Hampshire Revised Statutes 162-G:3
- Project: shall mean the establishment or expansion of a business and industrial facility which is financed by the issue of bonds or other means of accomplishing the purposes of this chapter. See New Hampshire Revised Statutes 162-G:3
- Tenant: shall mean the person primarily liable for the payment of rent under a lease. See New Hampshire Revised Statutes 162-G:3
- Trust indenture: shall mean a written instrument between the governmental unit and any national bank or trust company doing business in the state of New Hampshire or in the Commonwealth of Massachusetts as trustee, which secures one or more series of bonds. See New Hampshire Revised Statutes 162-G:3
(b) The establishment and operation of the business and industrial facility will alleviate or prevent unemployment or underemployment, either in whole or in part, in the area in which such business and industrial facility is located; and
(c) Such business and industrial facility will consist of land, or land and business and industrial building, or buildings, which are suitable for business, industrial, manufacturing, waste processing, or warehousing purposes; and
(d) Any proposed purchasers or tenants have the skills and financial resources necessary to operate the business and industrial facility successfully; and
(e) Adequate provision has been, or will be, made for the payment of the cost of the construction of such business and industrial facility and that under no circumstances will the municipality be obligated, directly or indirectly, for the payment of the cost of construction of such business and industrial facility, or for the payment of the principal of, or interest on, any obligations issued to finance such construction from funds other than those received under the provisions of the lease or the trust indenture except to the extent permitted by this chapter; and
(f) Adequate provision has been, or will be, made in the lease for the payment of all costs of operation, maintenance, and upkeep of such business and industrial facility by the tenant or occupant so that under no circumstances will the municipality be obligated, directly or indirectly, for the payment of such costs from funds other than those received under the provisions of the lease or trust indenture except to the extent permitted by this chapter; and
(g) The proposed acquisition, leasing, operation, and use of such business and industrial facility will aid in the development, growth, and prosperity of the municipality in which such business and industrial facility is located, or of the municipality undertaking the project.
II. Notwithstanding the requirements of paragraph I of this section, one or more municipalities acting through a business and industrial development authority may acquire facilities, purchase options to buy business and industrial facilities, and execute agreements to purchase leases and notes and mortgages with respect thereto, if such business and industrial development authority makes the findings and determinations required under paragraph I, provided that no contract entered into by any business and industrial development authority under this section shall commit any municipality to make expenditures in excess of the total of appropriations by the individual municipality’s legislative body specifically for meeting the commitments made and the income from leases and subleases of the subject premises. In all instances the public benefit shall be demonstrable.
III. Notwithstanding the provisions of RSA 91-A, the hearings required by this section may be held in nonpublic session, and reports of the investigations which may be conducted in aid of the determinations and findings required by this section may be kept confidential, to the extent necessary in respect of the sensitive, confidential, or proprietary nature of information supplied by prospective vendors, including optionors; vendees, including optionees; lessors; lessees; sublessors; and sublessees of business and industrial facilities.
IV. Any governmental unit may form and have in operation more than one business and industrial development authority at a time.