Section 57-31-35 - [Authority of industrial development authority relating to megasite projects](1) For the purposes of this section, the following words shall have the meanings ascribed herein, unless the context otherwise requires: (a) "Authority" means an industrial development authority created pursuant to this chapter or an economic development district created pursuant to Section 19-5-99 of any county in which an industrial development authority is created pursuant to this chapter.(b) "Costs of a megasite project" means all costs of a megasite project including site preparation and other start-up costs, construction, fixtures and real and personal property required for the purposes of a megasite project, whether publicly or privately owned, including land and any rights or undivided interest therein, options, easements, franchises, fees, permits, approvals, licenses, and certificates and the securing of such permits, approvals, licenses, and certificates and all machinery and equipment; any cost associated with the closure, post-closure maintenance or corrective action on environmental matters, financing charges and interest prior to and during development and/or construction and during such additional period necessary for the development and operation of a megasite project; costs of engineering, surveying, environmental, geotechnical, architectural and legal services; costs of plans and specifications and all expenses necessary or incident to determining the feasibility or practicability of a megasite project; administrative expenses; and such other expenses as may be necessary or incidental to the financing authorized in this chapter. The costs of a megasite project may also include funds for the creation of a debt service reserve, a renewal and replacement reserve, bond insurance and credit enhancement, and such other reserves as may be authorized by any bond resolution or trust agreement or indenture pursuant to the provisions of which the issuance of any such bonds may be authorized by a county board of supervisors pursuant to subsection (3) below. Any obligation or expense incurred for any of the foregoing purposes shall be regarded as a part of the costs of a megasite project and may be paid or reimbursed as such out of the proceeds of any revenues obtained by the county including, without limitation, special assessments, general obligation bonds or notes issued pursuant to Section 19-9-1 et seq. or revenue bonds or notes.(c) "Facilities related to a megasite" means and includes the acquisition, construction, restoration, repair, renovation, improvement, demolition or removal of any of the following, or any portion thereof, as they may pertain to a megasite and/or the development of one or more industrial projects thereon: (i) megasite preparation and improvements (including clearing, grubbing and grading activities); (ii) potable and nonpotable water supply systems that will serve the megasite or any portion thereof, whether or not such potable and nonpotable water supply systems are located on or outside of the megasite; (iii) sewage and waste disposal systems that will serve the megasite or any portion thereof, whether or not such sewage and waste disposal systems are located on or outside of the megasite; (iv) storm water drainage and other drainage systems that will serve the megasite or any portion thereof, whether or not such storm water drainage and other drainage systems are located on or outside of the megasite; (v) highways, streets and other roadways located upon the megasite or which are otherwise necessary to provide any access to and from the megasite or any portion thereof; (vi) fire suppression and prevention systems that will serve the megasite or any portion thereof, whether or not such fire suppression and prevention systems are located on or outside of the megasite; (vii) utility distribution systems, including, but not limited to, electricity, natural gas, telephone and other information and telecommunications facilities, whether by wire, fiber or wireless means, that will serve the megasite, whether or not such utility distribution systems are located on or outside of the megasite; provided that this subsection (vii) shall not empower the authority to acquire, construct, restore, repair, renovate, improve, demolish or remove any utility distribution system with respect to the megasite or any portion thereof which the authority is not otherwise already permitted to do under other applicable law; (viii) any other purposes authorized by or defined in Section 19-9-1.(d) "Megasite project" means the acquisition and development of a megasite by an authority created pursuant to this chapter for purposes of establishing a new industrial park or a single or multiple parcel industrial development zone to attract significant single- or multi-use industrial development projects, together with, as applicable, any industrial project undertaken on a megasite and/or any facilities related to a megasite.(e) "Megasite" means any single tract or combination of contiguous tracts, excluding intervening roadways, railways, waterways or utility-ways, of at least eight hundred (800) acres acquired or otherwise under the control of an authority for the purposes of undertaking a megasite project on all or portion thereof; provided that, in the event a megasite initially contains at least eight hundred (800) acres, the use of the term megasite shall also include any adjoining real property tracts that are subsequently acquired or otherwise brought under the control of such authority.(2) An authority is authorized and empowered to: (a) Acquire by gift, purchase or otherwise, and to own, hold, maintain, control and develop real estate situated within the county and/or any interests therein for the purposes of undertaking a megasite project;(b) Acquire by gift, purchase or otherwise, and to own, hold, repair, maintain, control and develop any facilities related to a megasite;(c) Sell, lease, sublease, sub-sub lease, sell and leaseback, lease and sublease-back, trade, exchange or otherwise convey or dispose of a megasite project or any portions thereof or any interests therein to individuals, firms or business enterprises, public or private; in each of the above instances for such consideration, and with such safeguards as are determined by the authority will best promote and protect the public interest, convenience and necessity, and to enter into and execute purchase options, purchase agreements, deeds, leases, subleases, development agreements and other contracts, easements and other legal instruments necessary or convenient therefor. Such authority is further authorized and empowered to undertake any of the preceding authorized transactions, and enter into and execute any contract, agreement or instruments with respect thereto on the basis of negotiation with the authority without the necessity of any appraisal, advertisement for proposals, bids or offers, or of any other public procurement or sale requirements.(3) The county board of supervisors of any county in which an authority is created pursuant to this chapter is authorized to (a) (i) incur bonded and floating indebtedness by issuing general obligation bonds, revenue bonds or special assessment bonds as authorized by any statute authorizing the issuance of such bonds, (ii) accept and borrow any loan from the federal government, its agencies and instrumentalities, and/or (iii) incur any other indebtedness in any manner for which it is authorized by law to incur debt, (b) may appropriate funds for the purposes and in the manner prescribed by law, and (c) may accept and utilize grants, donations or contributions from any source, whether public or private, to fund any costs of a megasite project. Any revenues derived from a project financed with indebtedness incurred pursuant to this act may be pledged, in whole or in part, by such county board of supervisors to secure payment of the bonded indebtedness incurred to finance a project.Added by Laws, 2024, ch. 417, HB 1617,§ 1, eff. 4/20/2024.