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(1) "Business incubator expense" means an expense relating to funding a program that is:
(a) designed to provide business support services and resources to one or more business entities within a project area during the business entities' early stages of development; and
(b) determined to be a business incubator by the board.
(2) "Business rehabilitation expense" means an expense relating to the renovation or rehabilitation of an existing building within a project area as determined by the board.
(3) "Debt service" means the payment of debt service on a bond issued to pay a:
(a) business rehabilitation expense relating to a project; or
(b) public infrastructure expense relating to a project.
(4) "Eligible county" means a county of the third, fourth, fifth, or sixth class.
(5) "Eligible expense" means an expense:
(a) incurred by an eligible county;
(b) relating to a project; and
(c) that is:
(i) a business incubator expense;
(ii) debt service; or
(iii) a public infrastructure expense.
(6) "Project" means an economic development project:
(a) as determined by the board; and
(b) for which an eligible county applies to the board in accordance with this part for a loan or grant to assist the eligible county in paying an eligible expense.
(7) "Project area" means the geographic area within which a project is implemented by an eligible county.
(8) "Public infrastructure expense" means an expense relating to a publicly owned improvement located within a project area if:
(a) the expense is:
(i) incurred for:
(A) construction;
(B) demolition;
(C) design;
(D) engineering;
(E) an environmental impact study;
(F) environmental remediation; or
(G) rehabilitation; or
(ii) similar to an expense described in Subsection (8)(a)(i) as determined by the board; and
(b) the publicly owned improvement is:
(i) not a building as determined by the board; and
(ii) necessary to support a project as determined by the board.
(9) "Publicly owned improvement" means an improvement to real property if:
(a) the real property is owned by:
(i) the United States;
(ii) the state; or
(iii) a political subdivision:
(A) as defined in Section 17B-1-102; and
(B) of the state; and
(b) the improvement relates to:
(i) a sewage system including a system for collection, transport, storage, treatment, dispersal, effluent use, or discharge;
(ii) a drainage or flood control system, including a system for collection, transport, diversion, storage, detention, retention, dispersal, use, or discharge;
(iii) a water system including a system for production, collection, storage, treatment, transport, delivery, connection, or dispersal;
(iv) a highway, street, or road system for vehicular use for travel, ingress, or egress;
(v) a rail transportation system;
(vi) a system for pedestrian use for travel, ingress, or egress;
(vii) a public utility system including a system for electricity, gas, or telecommunications; or
(viii) a system or device that is similar to a system or device described in Subsections (9)(b)(i) through (vii) as determined by the board.