114.375 Advance land acquisition loan program for spaceport projects.

197 words·~1 min read·/wi/chapter-114/114-375-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Purpose. The purpose of this section is to promote the state’s interest in aerospace programs by providing loans for advance land acquisition for spaceport projects.

(2)Administration. The department shall administer an advance land acquisition loan program to assist a county, city, village, town, or an owner of a spaceport in acquiring land necessary for spaceport projects. The department shall have all powers necessary and convenient to implement this section, including the following powers:

(a)To specify conditions of eligibility for loans under this section. Such conditions shall include the requirement that the land to be acquired must be part of a planned spaceport improvement project or a land acquisition project that is essential to future spaceport development or to the safety of spacecraft using the spaceport.

(b)To receive applications for loans under this section and to prescribe the form, nature, and extent of the information which shall be contained in applications.

(c)To establish standards for the approval of loans under this section. No loan may be made for an amount greater than 80 percent of the department’s assessment of the value of the property.