Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.01 - Business Development Program › Section 05.13.01.03 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following words have the meanings indicated and as defined in the Act.
B. Terms Defined.
(1) "Act" means Housing and Community Development Article, Title 6, Subtitle 3, Annotated Code of Maryland.
(2) "Business" means a commercial or industrial enterprise.
(3) "Business project" means a project that is:
(a) Both:
(i) Located in a priority funding area or eligible opportunity zone; and
(ii) Acquired, owned, developed, constructed, reconstructed, rehabilitated, or improved by a person or an entity for the purposes of carrying on a business whether or not for profit; or
(b) Eligible for funding from the Fund.
(4) "Department" means the Department of Housing and Community Development, a principal department of the State.
(5) "Development costs" means the costs incurred to develop, redevelop, or expand a business project and include the costs of:
(a) Necessary studies, surveys, plans, and specifications;
(b) Architectural, engineering, or other special services, including flood plain studies, environmental audits, and critical area or wetland assessments;
(c) Land and improvements;
(d) Site preparation;
(e) Construction, reconstruction, and rehabilitation;
(f) Machinery, equipment, and furnishings;
(g) Essential operating costs, including working capital and initial occupancy expenses;
(h) Indemnity and surety bonds and premiums on insurance;
(i) Temporary relocation expenses; and
(j) Other costs determined to be acceptable by the Department.
(6) "Eligible opportunity zone" means an area designated as a qualified opportunity zone under § 1400 Z-l of the Internal Revenue Code that is located in Allegany County, Garrett County, Somerset County, or Wicomico County.
(7) "Financial assistance" means any form of grant, loan, loan participation, assurance, guarantee, or other credit enhancement, reduction in the principal obligation of or in the rate of interest payable on a loan or portion of a loan, and prepayment of interest on a subordinate or superior loan or portion of a loan.
(8) "Financial assistance documents" means those documents executed by an approved applicant and the Department which set forth the terms and conditions of financial assistance under the Program.
(9) "Food desert" means that part of a priority funding area or eligible opportunity zone designated by the Secretary in accordance with COMAR 05.13.06.05.
(10) "Food desert project" means a project that is located in a food desert or a part of a priority funding area or eligible opportunity zone that serves a food desert for the purpose of providing fresh fruits, vegetables, and other healthy foods to residents in the food desert.
(11) "Fund" means the Neighborhood Business Development Fund under Housing and Community Development Article, §
										6-310, Annotated Code of Maryland.
(12) Local Jurisdiction.
(a) "Local jurisdiction" means:
(i) A municipal corporation subject to the provisions of the State Constitution, Article XI-E, if a project is located entirely within the boundaries of the municipal corporation; or
(ii) Any of the 23 counties of this State and the City of Baltimore within which a project is located.
(b) "Local jurisdiction" includes each local jurisdiction within which any part of a project is located, if part of the project is located within one local jurisdiction while the remainder of the project is located in a different local jurisdiction.
(13) "Microenterprise" means a business that employs a number of employees or has annual gross receipts no greater than the limits set forth by the U.S. Small Business Administration for microenterprises.
(14) "Mixed use" means a use which includes commercial, retail, residential or any other uses approved by the Department.
(15) "Nonprofit organization" means a corporation, foundation, or other entity that specifies in its charter or bylaws that no part of the net earnings may inure to the benefit of any private shareholder or individual holding any interest in the entity.
(16) "Priority funding area" means an area designated as a priority funding area under State Finance and Procurement Article, §
										5-7B-02, Annotated Code of Maryland.
(17) "Program" means the Business Development Program, also known as the Neighborhood Business Works Program.
(18) "Program funds" means monies from the Program that are used to provide financial assistance.
(19) "Project" means a project or activity which qualifies for financial assistance under the Program.
(20) "Secretary" means the Secretary of Housing and Community Development.
(21) "Small business" means a business that employs a number of employees or has annual gross receipts no greater than the limits set forth by the U.S. Small Business Administration for small businesses.
(22) "Sustainable community" means the part of a priority funding area or eligible opportunity zone that:
(a) Has been designated as a sustainable community in accordance with COMAR 05.17.02;
(b) Has been designated as a BRAC Revitalization and Incentive Zone under Economic Development Article, Title 5, Subtitle 13, Annotated Code of Maryland; or
(c) Has been designated as a transit-oriented development under Transportation Article, §
											7-101, Annotated Code of Maryland.