S.D. Admin. R. 68:02:01:33

Current through Register Vol. 51, page 67, December 16, 2024

Section 68:02:01:33 - Definitions

Terms used in this chapter mean:

(1) "Applicant," any natural person, for-profit entity, or non-profit entity that has completed a REDI fund loan application;

(2) "Board," the Board of Economic Development;

(3) "Borrower," an applicant who has been awarded a REDI fund loan;

(4) "Credit committee," a committee made up of members of the board appointed by the chair of the board with the powers described in § 68:02:01:56;

(5) "Equity," capital that has no guaranteed or mandatory return which must be invested in the project in any event and which has no definite timetable for repayment to the equity holder;

(6) "GOED," the Governor's Office of Economic Development;

(7) "Multifamily housing," housing containing two or more dwelling units, including in an apartment building, duplex, triplex, quadriplex, or townhomes. The term includes housing intended for lease or purchase by the occupant.

(8) "Preliminary design stage," that portion of the project associated with market research studies identifying the project scope and need, compilation of the business plan, written initial cost estimates, written site options and description, and obtaining the commitments of the lenders;

(9) "Primary jobs," jobs derived from businesses that bring new income into an area, stimulate other local businesses, or assist a community to diversity and stabilize its economy;

(10) "Project," except when the term is used in conjunction with multifamily housing, the new business; retention, relocation or expansion of an existing business; or other endeavor which will create or retain primary jobs. When the term is used in conjunction with multifamily housing, new multifamily housing or the acquisition and refurbishment of existing multifamily housing;

(11) "REDI fund," the revolving economic development and initiative fund;

(12) "Total project costs," the direct costs associated with the purchase of land, necessary site development and improvements, construction or acquisition and remodeling of buildings and works necessary to the operation and protection of the project, purchase and installation of machinery and equipment, purchase or development of intellectual property rights, fees for services, approved in-kind contributions, adequate working capital financing, and any other cost approved by the board.

S.D. Admin. R. 68:02:01:33

34 SDR 68, effective 9/13/2007; 39 SDR 16, effective 8/6/2012; 46 SDR 123, effective 5/12/2020

General Authority: SDCL 1-16G-5, 1-16G-8, 1-16G-28.

Law Implemented: SDCL 1-16G-5, 1-16G-8.