d. Buffalo renaissance zone-letter of support

ND Code Sec. 40-63-01, Definitions *19684 N.D. Code ~ 40-63-01 WEST'S NORTH DAKOTA CODE TITLE 40. MUNICIPAL GOVERNMENT CHAPTER 40-63. RENAISSANCE ZONES Current through the 2005 Regular Session of the 59th Legislative Assembly ~ 40-63-01. Definitions As used in this chapter: 1. "Boundary" means the boundary established by vote of the city governing body and approved by the department of commerce division of community servIces. 2. "Development plan" means a written plan that addresses the criteria in subsection 1 of section 40-63-03 and includes the following: a. A map of the proposed renaissance zone which indicates the geographic boundaries and blocks, a description of the properties and structures on each block, identification of those properties and structures to be targeted for potential zone projects, and a description of the present use and conditions of the targeted properties and structures. b. A description of the existing physical assets, in particular natural or historical assets, of the zone and a plan for the incorporation and enhancement of the assets within the proposed development. c. An outline of goals and objectives and proposed outcomes, including major milestones or benchmarks, by which to gauge success resulting from the designation of the zone. d. A description of the types of projects the city would encourage in the city's targeted properties. e. A description of the promotion, development, and management strategies Page 1 to maximize investment in the zone. f. A plan for the development, promotion, and use of a renaissance fund organization, if one is desired to be established. If a city is not ready to commit to establishing a renaissance fund organization, the city may indicate in the renaissance zone application the city's desire to submit a plan for approval at a later date. g. Evidence of community support and commitment from residential and business interests. 3. "Investor" means the individual, partnership, limited partnership, limited liability company, trust, or corporation making an investment in a renaissance fund organization. 4. "Lease" means the lease of space in a building in a designated renaissance zone by a new business moving into the zone or by an existing zone business expanding in the zone, and the continuation of a lease of an existing zone tenant in a building rehabilitated as an approved zone project. For existing zone tenants expanding in the zone, the term does not include existing leased space. *19685 5. "Local zone authority" means the city or the entity designated by the city to promote, develop, and manage the zone and may include any nonprofit incorporated entity such as an economic development corporation, community development corporation, main street organization, or chamber of commerce. 6. "Original principal amount" means the funds invested in a renaissance fund organization after designation of the renaissance zone and before the sunset of that zone. 7. "Rehabilitation", as used in sections 40-63-04 and 40-63-05, means the repair or remodeling of a building at a cost that is equal to or exceeds fifty percent of the current true and full value for commercial buildings and twenty percent for single-family homes. 8. "Taxpayer" means an individual, @ 2007 Thomson/West. No claim to original U.S. Govt. works.