§ 3704. Assistance.
(a) Existing programs.--A KIZ company shall be eligible and may be given priority consideration in applying for assistance under any of the following:
(1) This title.
(2) The act of May 17, 1956 (1955 P.L.1609, No.537), known as the Pennsylvania Industrial Development Authority Act.
(3) The act of August 23, 1967 (P.L.251, No.102), known as the Economic Development Financing Law.
(4) The act of June 22, 2001 (P.L.569, No.38), known as The Ben Franklin Technology Development Authority Act.
(5) The act of June 29, 1996 (P.L.434, No.67), known as the Job Enhancement Act.
(6) The act of June 26, 2001 (P.L.755, No.77), known as the Tobacco Settlement Act.
(7) Any other act enacted after the effective date of this subsection which has economic development assistance as its primary objective.
(b) Loans of the Pennsylvania Industrial Development Authority.--The board of the Pennsylvania Industrial Development Authority may provide loans to entities for land and structures, including structures providing space for research and development activities, in which, when completed, at least one KIZ company will be located. 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. The board may establish the eligibility criteria, the interest rate, the loan term and the participation rate to be applied to these projects.
(c) KIZ operation grants.--
(1) The Ben Franklin Technology Development Authority may provide an annual KIZ operation grant of up to $250,000 to a keystone innovation zone coordinator for administrative costs incurred in establishing and implementing the keystone innovation zone.
(2) In subsequent years, a grant shall be reduced in accordance with all of the following:
(i) By 25% of the initial amount in the second year.
(ii) By 50% of the initial amount of the grant in the third year.
(iii) By 75% of the initial amount of the grant in the fourth year.
(3) The Ben Franklin Technology Development Authority shall develop guidelines for the application, receipt and use of operation grant funds.
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