63M-1-2002 - Definitions.
63M-1-2002. Definitions.
As used in this part:
(1) "Board" means the Board of Business and Economic Development created by Section63M-1-301.
(2) "Business incubator expense" means an expense relating to funding a program that is:
(a) designed to provide business support services and resources to one or more businessentities within a project area during the business entities' early stages of development; and
(b) determined to be a business incubator by the board.
(3) "Business rehabilitation expense" means an expense relating to the renovation orrehabilitation of an existing building within a project area as determined by the board.
(4) "Debt service" means the payment of debt service on a bond issued to pay a:
(a) business rehabilitation expense relating to a project; or
(b) public infrastructure expense relating to a project.
(5) "Eligible county" means a county of the third, fourth, fifth, or sixth class.
(6) "Eligible expense" means an expense:
(a) incurred by an eligible county;
(b) relating to a project; and
(c) that is:
(i) a business incubator expense;
(ii) debt service; or
(iii) a public infrastructure expense.
(7) "Project" means an economic development project:
(a) as determined by the board; and
(b) for which an eligible county applies to the board in accordance with this part for aloan or grant to assist the eligible county in paying an eligible expense.
(8) "Project area" means the geographic area within which a project is implemented byan eligible county.
(9) "Public infrastructure expense" means an expense relating to a publicly ownedimprovement located within a project area if:
(a) the expense is:
(i) incurred for:
(A) construction;
(B) demolition;
(C) design;
(D) engineering;
(E) an environmental impact study;
(F) environmental remediation; or
(G) rehabilitation; or
(ii) similar to an expense described in Subsection (9)(a)(i) as determined by the board;and
(b) the publicly owned improvement is:
(i) not a building as determined by the board; and
(ii) necessary to support a project as determined by the board.
(10) "Publicly owned improvement" means an improvement to real property if:
(a) the real property is owned by:
(i) the United States;
(ii) the state; or
(iii) a political subdivision:
(A) as defined in Section 17B-1-102; and
(B) of the state; and
(b) the improvement relates to:
(i) a sewage system including a system for collection, transport, storage, treatment,dispersal, effluent use, or discharge;
(ii) a drainage or flood control system, including a system for collection, transport,diversion, storage, detention, retention, dispersal, use, or discharge;
(iii) a water system including a system for production, collection, storage, treatment,transport, delivery, connection, or dispersal;
(iv) a highway, street, or road system for vehicular use for travel, ingress, or egress;
(v) a rail transportation system;
(vi) a system for pedestrian use for travel, ingress, or egress;
(vii) a public utility system including a system for electricity, gas, ortelecommunications; or
(viii) a system or device that is similar to a system or device described in Subsections(10)(b)(i) through (vii) as determined by the board.
(11) "Restricted account" means the Business Development for Disadvantaged RuralCommunities Restricted Account created by Section 63M-1-2003.
Renumbered and Amended by Chapter 382, 2008 General Session