Subpart 1.
Scope.
The definitions in this part apply to this
chapter.
Subp. 2.
Annual report.
"Annual report" means a description of
projects supported by the challenge grant program, an account of loans made
during the calendar year, the source and amount of money collected and
distributed by the challenge grant program, the program's assets and
liabilities, and an explanation of administrative expenses.
Subp. 3. [Repealed,
L
1996 c 369
s
13]
Subp.
4.
Commissioner.
"Commissioner" means the
commissioner of employment and economic development.
Subp. 5.
Economic recovery
fund.
"Economic recovery fund" means the state funded economic
development grant program established by Minnesota Statutes, sections
116J.401
to 116J.403, and
116J.873.
Subp. 6.
Funding region.
"Funding region" means the six rural areas of
Minnesota that have boundaries that are coterminous with one or more of the
development regions established under Minnesota Statutes, section
462.385.
They are identified as follows:
A.
northwest region is coterminous with development regions 1 and 2;
B. northeast region is coterminous with
development region 3;
C. west
central region is coterminous with development region 4;
D. central region is coterminous with
development regions 5, 7E, and 7W;
E. southwest region is coterminous with
development regions 6E, 6W, and 8; and
F. southeast region is coterminous with
development regions 9 and 10.
Subp.
7.
Grant agreement.
"Grant agreement" means an
agreement between the state and a regional organization through which the state
provides funds to carry out specified programs, services, or activities.
Subp. 8.
Independent annual
audit.
"Independent annual audit" means a yearly financial
compliance audit performed by a certified public accountant in accordance with
generally accepted accounting practices and auditing standards.
Subp. 9.
Loan
limits.
"Loan limits" means that for businesses the minimum loan is
$5,000 and the maximum is $100,000. For local governmental units the minimum is
$5,000 and the maximum is $50,000.
Subp.
10.
Local governmental unit.
"Local governmental
unit" means a home rule charter or statutory city when the project is located
in an incorporated area, a county when the project is located in an
unincorporated area, or an American Indian Tribal Council when the project is
located within a federally recognized American Indian Reservation or
community.
Subp. 11.
Local revolving loan fund.
"Local revolving loan fund" means
a revolving loan fund established by a local governmental unit to promote
economic development.
Subp.
12.
Low income.
"Low income" means income that
is equal to or below the nonmetropolitan median household income.
Subp. 13.
Minimum interest
rate.
"Minimum interest rate" means the interest rate established
by the commissioner that cannot be exceeded but that will ensure coverage of
the necessary management costs incurred by the regional organization.
Subp. 14.
Private
investment.
"Private investment" means cash injections from sources
other than state, local, or federal government appropriations.
Subp. 15.
Regional
organization.
"Regional organization" means a nonprofit corporation
selected by the commissioner to receive a challenge grant.
Subp. 16.
Regional revolving loan
fund.
"Regional revolving loan fund" means a commissioner certified
revolving loan fund established by a regional organization to provide loans to
new and expanding businesses in rural Minnesota to promote economic
development.
Subp. 17.
Rural.
"Rural" means the area of Minnesota located outside
the seven-county metropolitan area as defined by Minnesota Statutes, section
473.121, subdivision
2.
Subp. 18.
Rural
rehabilitation revolving fund.
"Rural rehabilitation revolving
fund" means the trust fund established in Minnesota Statutes, section
116J.955.
