99-626 C.M.R. ch. 1, § 1 - Definitions

Current through 2022-14, April 6, 2022

1. Act: "Act" means 5 M.R.S.A. Chapter 383, Subchapter IX

2. Applicant: "Applicant" means a Local Development Corporation, applying for a loan under the Community Industrial Building Program.

3. Authority: "Authority" means the Maine Rural Development Authority, or as the context requires, the agents and employees of the Authority.

4. Borrower: "Borrower" means a qualified Local Development Corporation, as defined in 5 M.R.S.A., §13120-B(9) that meets the threshold criteria set forth Section 2 of this rule.

5. Carrying Costs: "Carrying Costs" means reasonable costs incurred for the maintenance, protection and security of a community industrial building prior to occupancy, including, but not limited to, insurance, taxes and interest.

6. Commercial Facility: "Commercial Facility" shall mean real estate and improvements used principally for commercial purposes or suitable for commercial use as defined in 5 M.R.S.A. §13120-B(4). The term commercial facilities includes, but is not limited to:

a. Offices and office buildings;

b. Manufacturing, processing, assembly and other industrial buildings and related improvements;

c. Property used in connection with commercial fishing and other marine-related industries;

d. Property used in conjunction with agricultural production, storage, processing, packing and transportation;

e. Warehouses, transportation and distribution facilities;

f. Service and repair facilities;

g. Retail establishments; and

h. Lodging, restaurant and entertainment facilities.

7. Community Industrial Building: "Community Industrial Building", as defined at 5 M.R.S.A. §13120-B(5), means a building of flexible design where the construction costs are financed through the Authority for the purpose of creating new jobs in a region resulting from the sale or lease of the building.

8. Comprehensive Plan: "Comprehensive Plan" shall mean a plan that is determined by the Executive Department, State Planning Office to be consistent with 30-A M.R.S.A. §4326, subsections 1 to 4 and has been adopted by the community.

9. Construction Costs: "Construction Costs" means any cost or expenditure involving the community industrial building which is properly chargeable under the Internal Revenue Code of 1986, as amended, to the capital account of any person or state or local government. In no event shall "Construction Costs" include either "Carrying Costs" or the cost of purchasing or otherwise acquiring the site or providing and maintaining and plowing an adequate access road from a public highway to the site or providing and maintaining water, sewer and power facilities.

10. Eligible Costs: "Eligible Costs" means Construction Costs.

11. Lease: "Lease", as defined at 5 M.R.S.A. §13120-B(7), means a contract providing for the use of a Project or portions of a Project for a term of years for a designated or determinable rent. A lease may include an installment sales contract.

12. Local Growth Management Program: "Local Growth Management Program" shall mean the town has adopted a growth management program that certified by the Executive Department, State Planning Office, under 30-A M.R.S.A. §4347-A.

13. Loan Commitment: "Loan Commitment" means the agreement executed prior to Phase II as hereinafter defined, between the Authority and an applicant pursuant to which the Authority has agreed to make a loan to the applicant in accordance with the terms thereof.

14. Local Development Corporation: "Local Development Corporation" shall have the meaning set forth in the Act, 5 M.R.S.A. §13120-B(9).

15. Municipality: "Municipality", as defined at 5 M.R.S.A. §13120-B(10), means any county, city or town in the State.

16. Program: "Program" means the Community Industrial Buildings Program.

17. Project: "Project" means the construction of a Community Industrial Building, as defined in 5 M.R.S.A. §13120-B(5) and this rule.

Notes

99-626 C.M.R. ch. 1, § 1