2012 Pennsylvania Consolidated Statutes
Title 12 - COMMERCE AND TRADE
Chapter 37 - Keystone Innovation Zones
Section 3704 - Assistance

     § 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.