§ 1823. Further restrictions on loans and loan guarantees. In addition\nto other provisions of this title limiting the power of the authority to\nmake loans to local development corporations in respect of a particular\nproject, and to guarantee loans made by banking organizations, the\nfollowing restrictions shall also apply:\n 1. No funds of the authority shall be used in respect of any project\nif the completion thereof would result in the removal of an industrial\nor manufacturing plant or research and development facility or other\neligible business facility of the project occupant from one area of the\nstate to another area of the state or in the abandonment of one or more\nplants or facilities of the project occupant located within the state,\nprovided, however, that neither restriction shall apply if the authority\nshall determine on the basis of the application before it that the\nproject is reasonably necessary to discourage the project occupant from\nremoving such other plant or facility to a location outside the state or\nis reasonably necessary to preserve the competitive position of the\nproject occupant in its respective industry.\n 2. No funds of the authority shall be used in respect of any project\nif the authority would be required to operate, service or maintain the\nproject pursuant to any lease or other agreement except upon foreclosure\nor except upon the occurrence of a default in the payment or terms of\nany loan guaranteed by the authority, provided, however, notwithstanding\nany other provision of this subtitle, the authority may take title to a\nproject under a financing lease which does not require the authority to\noperate, service or maintain the project itself, and which provides for\npayments in lieu of property taxes as approved by the local taxing\njurisdiction which are equal to or less than any property taxes which\nwould have been due had the authority not taken title to the property.\nNothing shall prevent the authority from transferring such property to\nthe project occupant or its designee at the end of the term of such\nfinancing.\n 3. No funds of the authority shall be used for a project unless the\napplicant shows to the satisfaction of the authority that funds equal to\nthe amount of the proposed loan from the authority are not reasonably\navailable from other sources at a comparable cost of borrowing.\n 4. No funds of the authority shall be used in violation of any further\nrestrictions imposed by general rule or regulation of the authority in\nrelation to assisted projects and the authority is hereby authorized to\nadopt rules and regulations containing such restrictions as it may deem\nnecessary or appropriate to effectuate its corporate purposes.\n 5. No provision of this title shall prevent the inclusion in a\nmortgage, lease or other agreement relating to an assisted project of a\nprovision granting the project occupant the right to purchase such\nproject upon such terms and conditions as the authority may approve.\n 6. No funds of the authority shall be loaned or used for any project\nunless the applicant demonstrates to the authority that such project has\na valid permit or permits for the following, when such permits are\nrequired pursuant to applicable federal, state or local law: the\ngeneration, treatment, storage and disposal of hazardous wastes; the\ndischarge of pollutants into the waters of the state, or, if such a\nplant or facility is in violation thereof, that the project contemplated\nincludes the elimination of any such violation or violations.\n 7. Loans in economically distressed areas and to companies in need of\nspecial assistance. (a) Loans by the authority pursuant to paragraphs\n(a) and (b) of subdivision two of section eighteen hundred three of this\nchapter may exceed forty percent but shall not exceed sixty percent of\nthe cost of the project for:\n (i) projects which are or will be located in empire zones designated\npursuant to article eightee
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