1 Del. Admin. Code § 1501-3.0

Current through Reigster Vol. 28, No. 6, December 1, 2024
Section 1501-3.0 - Definitions

When used in this regulation, the following words, terms, and phrases shall have the following meaning regardless of capitalization:

"Allowable project costs" means an amount equal to adequately documented expenditures incurred within the State of Delaware in connection with the project and verified by the Commission or Commission's designee, including labor and personnel costs, site lease or rental expenses, working capital, renovation, construction, or any other type of improvements to roads, utilities and related infrastructure, the acquisition of land, buildings, machinery, materials, and equipment, the expansion or renovation of an existing building, or the renovation of machinery, and equipment, relocation expenses provided, however, that allowable project costs shall not include any fees, taxes, charges or assessments paid to any governmental body.

"Applicant" means a person or business entity who submits a written request for the Commission to approve a distribution of funds to support a project as set forth in this Regulation.

"Application" means the written electronic or written submission by an applicant requesting the provision of monetary support for a project from the Entertainment Industry Fund in a form approved by the Commission. An application must identify whether it is a tier zero or tier one application as those terms are defined by this Regulation.

"Application evaluation report" means a written report presented to the Commission by the Commission or Commission's designee which provides the Commission an evaluation of whether an application adequately and properly justifies the provision of funding from the Entertainment Industry Fund and which makes a written recommendation about whether the Commission should make an award to the applicant.

"Chairperson" means the Chairperson of the Commission.

"Commission" means the Delaware Motion Picture and Television Development Commission.

"Commission's designee" means a person or entity contractually obligated to provide certain professional services to the Commission regarding the application and approval processes set forth in the law and regulations applicable to the Commission.

"Entertainment Industry Fund" shall mean the unencumbered aggregate of those funds reallocated to the Commission as described in Lines 10 through 20 of Section 33 of Senate Bill 252 of the 151st General Assembly or any other funds received by the Commission as permitted by law.

"Final project completion" means that period in time when the project has been fully completed by the applicant and which is a condition precedent to any obligation to pay over funds from the Entertainment Industry Fund. For the avoidance of doubt, adequate demonstration of final project completion shall be an express term and condition in any agreement which requires the eventual distribution of money from the Fund.

"Fund" means the "Entertainment Industry Fund".

"Members" means the members appointed to serve on the Commission in accordance with 29 Del.C. § 8750A.

"Project" or "projects" means "media projects" and "digital interactive entertainment" activities or operations within the meaning of Lines 13 and 14 of Section 33 of Senate Bill 252 of the 151st General Assembly.

"Substantive changes" means:

a. a decrease of more than 1 percentage point in the interest rate for any fixed or variable rate loan made by the Commission;
b. any changes in the collateral of a loan which would result in a decrease in the security position of the Commission;
c. a 10% or greater increase in the amount of any loan or grant;
d. an extension of loan payment schedule;
e. a change employment benchmark date, or
f. a change in any obligation to repay a part or all of a grant for a failure to meet benchmark employment, cessation of operations in the State, or other terms contained in the grant agreement.

"Tier one" means a project with an aggregate amount of incurred expenses of no less than $500,000 in allowable project costs.

"Tier zero" means a project with an aggregate amount of incurred expenses of no less than $100,000 in allowable project costs.

1 Del. Admin. Code § 1501-3.0

26 DE Reg. 1048 (6/1/2023) (final)