The authority may finance undeveloped land or personal property only if the undeveloped land or personal property is part of the overall redevelopment project.

3. Development of property. Except as provided in section 13120-Q, the authority may undertake the development of property as an owner or lender for subsequent use and sale under the following conditions:

A. The property consists of real estate that is zoned, sited or otherwise suitable for development as a commercial facility;

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, loan or other 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 The municipality or, local development corporation or another entity will provide funding for the project equal to 25% of the funding that the authority provides to the project.