Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-1 - Definitions

Current through 2024-29, July 17, 2024
Defined Terms
. The following terms, some of
				  which are defined in the
Finance Authority of Maine Act
,
				   10 MRSA
				  §961
et seq.
(the
				  "Act"), shall have the following meanings in this rule:
A. "Applicant" means a local, regional or
				statewide nonprofit or governmental economic development corporation or entity
				that may have submitted an application for program funds to the
				Authority.
B. "Authority" means the
				Finance Authority of Maine.
C.
				"Borrower" means a sole proprietorship, a limited liability company,
				partnership or corporation which has applied to receive financial assistance
				pursuant to this program from an applicant pursuant to this program, or, in the
				case of an applicant seeking a loan for a quality child care project, has
				applied to receive financial assistance from the Authority.
D. "Chief Executive Officer" means the
				Authority's Chief Executive Officer or any person acting under the delegated
				authority and supervision of the Chief Executive Officer.
E. "Commitment" means a letter from the
				Authority signed by the Chief Executive Officer to make a disbursement from the
				fund to an applicant, or with regard to a quality child care project, to a
				borrower, on the terms and conditions and subject to the requirements
				therein.
F. "Community facilities"
				means buildings having available at least fifty-one percent (51%) of square
				footage to be used at least part of the time for public meetings and
				activities. Such meetings and activities may include services that foster job
				creation and provide access for individuals in the community to such services
				as long-term care, respite care, health care, education, and cultural
				activities.
G. "Contract" means a
				contract between the Authority and any applicant for provision of a
				disbursement from the fund.
H.
				"Eligible Project" means a project meeting the criteria set forth in this
				rule.
I. "Fund" means the Regional
				Economic Development Revolving Loan Program Fund, established pursuant to 10
				MRSA §1026-M and administered by the Authority.
J. "Members" means the members of the Board
				of Directors of the Finance Authority of Maine.
K. "Mixed-use real estate" means projects
				involving both housing and commercial activities wherein at least fifty-one
				percent (51%) of the square-footage is used for commercial purposes.
L. "Prime Rate" means the lowest bank prime
				rate of interest as published in the Wall Street Journal.
M. "Program" means the Regional Economic
				Development Revolving Loan Program as described in and governed by the Act and
				this rule.
N. "Quality child care
				project" means physical improvements to be made to a site used or to be used
				for providing, for compensation, regular service of care and protection for any
				part of a day less than 24 hours to a child or children under 16 years of age
				whose parents work outside the home, attend an educational program or are
				otherwise unable to care for their children which (1) meets all required
				licensing standards; and (2) utilizes recognized quality indicators for child
				care services approved by the Department of Health and Human
				Services.
O. "State" means the
				State of Maine.
P. "Value-added
				natural resource enterprises" means business or commercial activity that adds
				some additional value to products derived from at least one of Maine's natural
				resources such as forests, land and plants, fish, water, wind, and sun.