§ 63M-1-2002. Definitions. (Effective 5/13/2014)

     As used in this part:

(1) "Board" means the Board of Business and Economic Development created by Section 63M-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 business entities 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 or rehabilitation 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 a loan 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 by an eligible county.

(9) "Public infrastructure expense" means an expense relating to a publicly owned improvement 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, or telecommunications; 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.

Amended by Chapter 203, 2014 General Session