Part heading added by L 1990, c 106, §4(1).

§206M-1 Definitions. As used in this chapter, unless the context clearly requires otherwise:

"Board" means the board of directors of the development corporation established in section 206M-2, and any successor thereto.

"Bonds" means special purpose revenue bonds issued under this chapter and shall include notes, other instruments of indebtedness, and refunding bonds.

"Cost" means the total cost in carrying out all undertakings that the development corporation deems reasonable and necessary for the development of a project or industrial park, including but not limited to the cost of studies, surveys, plans, and specifications, architectural, design, engineering, or any other special related services; the cost of site preparation and development, demolition, construction, reconstruction, rehabilitation, and improvement; the cost of financing such project or industrial park, including interest on bonds issued to finance such project or industrial park from the date thereof to the estimated date of completion of such project or industrial park as determined by the board; the cost of an allocable portion of the administrative and operating expenses of the development corporation related to the development of such project or industrial park; and the cost of indemnity and surety bonds, premiums on policies of insurance, legal fees, and fees and expenses of trustees, depositories, and paying agents for the bonds, and for the issuance of letters of credit or other banking arrangements whether for the development corporation or a qualified person; all as the development corporation shall deem necessary.

"Development corporation" means the high technology development corporation established by section 206M-2.

"High technology" means emerging industries which are technology-intensive, including but not limited to electronics and biotechnology.

"Industrial park" means a tract of real property determined by the board as being suitable for use as building sites for projects by a group of enterprises engaged in industrial, processing, or manufacturing enterprises for high technology, including research, training, technical analyses, software development, and pilot plant or prototype product development, and may include the installation of improvements to such tract incidental to the use of real property as an industrial park, such as water, sewer, sewage and waste disposal, and drainage facilities, sufficient to adequately service projects in the industrial park, and provision of incidental transportation facilities, power distribution facilities, and communication facilities. Industrial parks shall not include any buildings or structures of any kind except for buildings or structures incidental to improvements to the industrial park.

"Project" means any combination of land and buildings and other improvements thereon for use in industrial, processing, or manufacturing enterprises for high technology which are located in an industrial park and acquired, constructed, reconstructed, rehabilitated, improved, altered, or repaired by or on behalf of the development corporation.

"Project agreement" means any lease, sublease, loan agreement, conditional sale agreement, or other similar financing contract or agreement, or any combination thereof entered into under this chapter by the development corporation, including the financing from the proceeds of bonds of a project or an industrial park.

"Public agency" means any office, department, board, commission, bureau, division, public corporation, agency, or instrumentality of the federal, state, or county government.

"Qualified person" means any individual, partnership, corporation, public agency, or any combination or association of the foregoing, possessing the competence, expertise, experience, and resources, including financial, personnel, and tangible resources, required for the purposes of a project and such other qualifications as may be deemed desirable by the development corporation in administering this chapter and which enters into a project agreement with the development corporation.

"Real property" means lands, structures, and interests therein, and natural resources including water, minerals, and all such things connected with land, including lands under water and riparian rights, space rights, air rights, and any and all other things and rights usually included within the term. Real property also means any and all interests in such property less than fee title, such as leasehold interests, easements, incorporeal hereditaments, and every estate, interest, or right, legal or equitable, including terms for years and liens thereon by way of judgments, mortgages, or otherwise. [L 1983, c 152, pt of §2; am L 1984, c 103, §1]