Page:United States Statutes at Large Volume 88 Part 1.djvu/1203

 88 STAT. ]

PUBLIC LA\^ 93-423-SEPT. 27, 1974

1159

facilities (including machinery and equipment) for industrial or commercial usage, including the construction of new buildings, the rehabilitation of abandoned or unoccupied buildings, and the alteration, conversion, or enlargement of existing buildings by (A) purchasing evidences of indebtedness, (B) making loans (which for purposes of this section shall include participation in loans), (C) guaranteeing loans made to private borrowers by private lending institutions, for any of the purposes referred to in this paragraph upon application of such institution and upon such terms and conditions as the Secretary may prescribe, except that no such guarantee shall at any time exceed 90 per centum of the amount of the outstanding unpaid balance of such loan. "(2) The Secretary is authorized to aid in financing any industrial, *°'"^,L'T,^!f, or commercial activity withm a redeveloment area by (A) making working capital loans, (B) guaranteeing working capital loans made to private borrowers by private lending institutions upon application of such institution and upon such terms and conditions as the Secretary may prescribe, except that no such guarantee shall at any time exceed 90 per centum of the amount of the outstanding unpaid balance of such loan, (C) guaranteeing rental payments of leases for buildings and equipment, except that no such guarantee shall exceed 90 per centum of the remaining rental payments required by the lease."; (2) by striking out in subsection (b)(7) the comma after the words "no loan" and inserting immediately thereafter the words "or guarantee,". (3) by striking out in subsection (b)(9) "Loan assistance" and inserting in lieu thereof "Loan assistance (other than for a working capital loan)". SEC. 5. (a) Section 302 of such Act. as amended, is amended by '^^ ^^^ ^^^^• redesignating such section as section 303. (b) Such Act, as amended, is amended by inserting immediately after section 301 the following new section 302: 42 USC 3151. "SKC. 302. (a) The Secretary is authorized, upon application of Economic deci,

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velopment plan-

any State, or city, or other political subdivision of a State, or sub- ning, grants. State planning and development organization (including a redevelop- '•^ use sisia. ment area or an economic develoj^ment district), to make direct grants to such State, city, other political subdivision, or organization to pay up to 80 per centum of the cost for economic development planning. The planning for cities, other political subdivisions, and sub-State planning and de\elopment organizations (including redevelopment areas and economic development districts) assisted under this section shall include systematic efforts to reduce unemployment and increase incomes. Such planning shall be a continuous process involving public officials and private citizens in analyzing local economies, defining development goals, determining project opportunities, and formulatplanning. ing and implementing a development program. Any overall State n,^„°„°^^„^*^ economic development planning assisted under this section shall be " """'"" conducted cooperatively by the State, cities and other political subdivisions, and economic development organizations (including redevelopment areas and economic development districts) located in whole or in part within such State, and such State planning shall incorporate the goals and objectives of local and economic development district planning. Any overall State economic development planning shall be a part of a comprehensive planning process that shall consider the provision of public works to stimulate and channel development, economic opportunities and choices for individuals; to support sound land use, to enhance and protect the environment including the con-

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