2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 11-301 - Definitions

§11-301.

(a) In this subtitle the following words have the meanings indicated.

(b) (1) “Authority” means a corporation incorporated in accordance with this subtitle to act as a local redevelopment authority in accordance with criteria set by the United States Department of Defense or its military services under the federal Defense Base Closure and Realignment Act of 1990.

(2) “Authority” does not include:

(i) Bainbridge Development Corporation;

(ii) Holabird Working Group/Baltimore Development Corporation (BDC); or

(iii) PenMar Development Corporation.

(c) “Board” means the Board of Directors of an authority.

(d) (1) “Bond” means a bond or note issued on behalf of an authority under this subtitle.

(2) “Bond” includes:

(i) a bond anticipation note;

(ii) a revenue anticipation note;

(iii) a grant anticipation note;

(iv) a refunding bond;

(v) a note in the nature of commercial paper; and

(vi) any other evidence of indebtedness issued on behalf of the authority, whether a general or limited obligation of the authority.

(e) “Cost” includes:

(1) the purchase price of a project;

(2) the cost to acquire any right, title, or interest in a project;

(3) the amount to be paid to discharge each obligation necessary or desirable to vest title to any part of a project in the authority or other owner;

(4) the cost of any improvement;

(5) the cost of any property, right, easement, franchise, and permit;

(6) the cost of labor and equipment;

(7) financing charges;

(8) interest before and during construction and, if the authority determines, for a limited period after the completion of construction;

(9) reserves for principal and interest and for improvements;

(10) the cost of revenue estimates, engineering and legal services, plans, designs, specifications, surveys, investigations, demonstrations, studies, estimates of cost, and other expenses necessary or incident to determining the feasibility of an acquisition or improvement;

(11) administrative expenses; and

(12) other expenses necessary or incident to:

(i) financing a project;

(ii) acquiring and improving a project;

(iii) placing a project in operation, including reasonable provision for working capital; and

(iv) operating and maintaining a project.

(f) “Finance” includes refinance.

(g) “Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.

(h) “Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.

(i) (1) “Person” has the meaning stated in § 9-101 of this article.

(2) “Person” also includes a political subdivision.

(j) (1) “Project” means an undertaking to establish economic activity under this subtitle on property to be conveyed to an authority by the United States Department of Defense or a military service, whether or not a facility or property used or useful in connection with the undertaking:

(i) is or will be used for profit or not for profit;

(ii) is located on a single site or multiple sites; or

(iii) may be financed by bonds, the interest on which is exempt from taxation under federal law.

(2) “Project” includes:

(i) property and rights related to the property, appurtenances, rights-of-way, franchises, and easements;

(ii) structures, equipment, and furnishings;

(iii) property that is functionally related and subordinate to the project; and

(iv) patents, licenses, and other rights necessary or useful in the improvement or operation of a project.

(k) (1) “Revenues” means the income, revenue, and other money an authority receives from or in connection with a project.

(2) “Revenues” includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.