Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0001 - Business Ready Community Grant And Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-3 - Definitions

Current through July 13, 2024
(a) "Affixed
				equipment" means equipment that is fixed in position to a building or property
				as a permanent appendage or as a structural part of the building or
				property.
(b) "Applicant" means a
				county, incorporated city or town, joint powers board, or a cooperative tribal
				governing body who applies for funding under the Business Ready Community Grant
				and Loan Program (BRC).
(c) "Award
				recipient" means a county, incorporated city or town, joint powers board, or a
				cooperative tribal governing body who has been awarded funds under the
				BRC.
(d) "Board" means the Wyoming
				State Loan and Investment Board.
(e) "Cash match" means cash contributed to
				the total eligible project cost. Real estate owned by the applicant or
				community development organization may be used as cash if the property in
				question was not purchased with or developed by BRC funds and the value of the
				real estate is supported by an appraisal. Engineering and design work completed
				within six months of the date a project application is received by the Wyoming
				Business Council may be counted as cash match.
(f) "Community Development Organization"
				means a business entity organized to provide services as an agent of the
				applicant for the exclusive mission of helping to develop and support economic
				development within a specified town, city, county or region by providing
				necessary resources and assistance.
(g) "Council" means the Wyoming Business
				Council Board of Directors.
(h)
				"Council staff" means the staff of the Wyoming Business Council assigned to
				administer the program.
(i)
				"Economic development" means creating additional economic health and a stronger
				state economy.
(j) "Eligible
				project costs" means total project costs, less ineligible project costs.
				Eligible project costs for infrastructure projects include affixed equipment
				and other permanent fixtures.
(k)
				"Ineligible project costs" means project costs that are not eligible for BRC
				funding and include appliances, movable equipment, furnishings and other
				features of the facility which are not physically attached or otherwise are
				depreciating assets, and any other items identified by Council staff.
(l) "In-kind match" are contributions with
				value and must be applicable to the period to which the matching requirement
				applies and must be necessary for the project. Examples of in-kind
				contributions include labor, materials and real estate. In-kind contributions
				must be verifiable from the records showing how the value placed on in-kind
				contributions was derived. Labor services will be reported using rates
				consistent with those ordinarily paid by the applicant or other employers for
				similar work in the same labor market. Donated materials will be valued at
				market value at the time of donation. The value of donated buildings or land
				will be established using a market value or appraisal set by an independent
				appraiser or a market analysis prepared by a licensed realtor.
(m) "Managed Data Center" means a center
				whose primary purpose is the centralized repository for storage, management and
				dissemination of data and information for multiple businesses. This definition
				does not include spaces primarily for housing office computers, including
				individual workstations, servers associated with workstations or small server
				rooms.
(n) "Median Wage" means if
				90% or more of the employment is located in one county, utilize County Median
				Wage; if less than 90%, utilize State Median Wage. Must also meet State
				Industry Average Wage to be considered "median wage."
(o) "Movable equipment" includes those items
				that are the functioning collection of machinery or devices for performing a
				mechanical, electrical or communications task that remain movable and not a
				structural part of the building and/or property.
(p) "Multi-year project" means a large scale,
				stand-alone project which will be constructed over separate calendar years and
				which cannot be separated into smaller, independently operational
				phases.
(q) "Net revenue" means
				income generated by the lease or sale of a BRC-funded asset, less expenses
				associated with maintaining the asset. Deductible expenses must be paid by
				owner and can include utility costs, insurance, property taxes, pest control,
				repairs, property association fees and property maintenance.
(r) "Non-recourse loan" is a loan that is
				secured by a pledge of collateral, typically real property. If the borrower
				defaults, the Council can seize collateral, but will not seek any further
				compensation from the borrower.
(s)
				"Phased projects" means a project in which parts ("phases") are completed and
				fully functional before the entire project is built-out. Receipt of funding for
				a phased project does not guarantee additional funding for future
				phases.
(t) "Political subdivision"
				means a division of the state that exists primarily to discharge some function
				of local government.
(u) "Primary
				jobs" are jobs created or retained by a business(es) that provide(s) goods and
				services that are primarily exported out of the state, that gain market share
				from imports to the state, that meet an unmet need in the market area and
				result in the creation of new wealth or economic growth. An additional
				consideration will be given for full-time equivalent (FTE) positions with wages
				at or above median and state industry average wage and which include
				benefits.
(v) "Revenue generating
				project" means real property developed with BRC grants or loans that can
				generate revenue from lease payments or the proceeds from the sale of real
				property.
(w) "State Development
				Organization" means a corporation organized under
				W.S.
				17-11-101 through
				17-11-120 with the authority to
				provide financing for new, existing or expanding businesses and to fulfill
				other economic or community development purposes throughout the state of
				Wyoming and which may take equity positions and shall take security positions
				in its borrowers' businesses and appropriate personal guarantees from the
				owners thereof.