B. The property is currently not in productive commercial use;

C. The property has not been placed under a purchase option or contract;

D. The authority, using due diligence, has determined that:

(1) There is a reasonable expectation that the property will become financially viable following its development;

(2) The development of the property will create employment opportunities and other economic benefits within the region; and

(3) The economic benefits expected to result from the development justify the risks associated with the authority's equity interest in the property; and

E. At least 25% of the total cost to acquire, develop and bring the property to productive commercial use will be borne by the municipality or local development corporation.

Sec. 9. Successor to fund. The Maine Rural Development Authority, referred to in this section as "the authority," is the successor to the Department of Economic and Community Development, referred to in this section as "the department," for the purposes of the Maine Revised Statutes, Title 5, section 13120-N and former section 13120-O. All properties, rights in land, buildings and equipment and any funds, money, revenues and receipts or assets of the department as they apply to the former Community Industrial Buildings Fund, established under Title 5, former section 13120-O, including funds previously appropriated by the State for the Community Industrial Buildings Fund under Title 5, former section 13082, belong to the authority as successor to the department. All liabilities of the department with respect to the Community Industrial Buildings Fund under Title 5, former section 13082 become liabilities of the authority. Any action taken by the department with respect to assisting a municipality or local development corporation to create community industrial buildings is an action taken by the authority.