99-626 C.M.R. ch. 2, § 1 - DEFINITIONS

Current through 2022-14, April 6, 2022

A. Act: "Act" means 5 MRSA Chapter 383, Subchapter IX.
B. Applicant: "Applicant" means any municipality, any governmental entity, any corporation, any partnership, any limited liability company, any private, nonprofit or public entity, organization or association, any individual or any other person which applies for assistance from the Program.
C. Authority: "Authority" means the Maine Rural Development Authority, or as the context requires, any agent, employee or other representative of the Authority.
D. Carrying Costs: "Carrying Costs" means reasonable costs incurred for the maintenance, protection and security of a Project prior to its completion or its occupancy or control by the Owner, including, but not limited to, insurance, taxes and interest.
E. Commercial Facility: "Commercial Facility" shall mean real estate and improvements used principally for commercial purposes or suitable for commercial use as defined in 5 MRSA §13120-B(4). The term commercial facilities includes, but is not limited to:
(1) Offices and office buildings;
(2) Manufacturing, processing, assembly and other industrial buildings and related improvements;
(3) Property used in connection with commercial fishing and other marine-related industries;
(4) Property used in conjunction with agricultural production, storage, processing, packing and transportation;
(5) Warehouses, transportation and distribution facilities;
(6) Service and repair facilities;
(7) Retail establishments; and
(8) Lodging, restaurant and entertainment facilities.
F. Comprehensive Plan: "Comprehensive Plan" shall mean a plan that is determined by the Executive Department, State Planning Office to be consistent with 30-A MRSA §4326 (1-4), and has been adopted by the city or town, as applicable.
G. Construction Costs: "Construction Costs" means any cost or expenditure with respect to a Project, 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 providing and maintaining and plowing an adequate access road from a public highway to the Commercial Facility or maintaining water, sewer and power facilities or paying any service charge for water, sewer, power or other such services or utilities.
H. Development Project: "Development Project" means the acquisition of property and development of a Commercial Facility for subsequent sale or lease into private productive use.
I. Eligible Costs: "Eligible Costs" means Construction Costs.
J. Lease: "Lease", as defined at 5 MRSA §13120-8(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.
K. 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 MRSA §4347-A.
L. Local Development Corporation: "Local Development Corporation" shall have the meaning set forth in the Act, 5 MRSA §13120-8(9).
M. Municipality: "Municipality," as defined in 5 MRSA §13120-8 (1 0), means any county, city or town in the state.
N. Owner: "Owner" means the entity or association (a) designated by the Authority as the recipient of financial assistance for a Project pursuant to the Program and (b) in which the Authority may have an ownership interest.
O. Program: "Program" means the Commercial Facilities Development Program.
P. Project: "Project" means (a) a Redevelopment Project or (b) a Development Project.
Q. Redevelopment Project: "Redevelopment Project" means the acquisition and redevelopment of a nonproductive Commercial Facility for subsequent return to productive use through sale or lease.

Notes

99-626 C.M.R. ch. 2, § 1

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