As used in this part 12, unless the context otherwise requires: (1) "Board" means the board of directors of a business improvement district. (2) "Commercial property" means any taxable real or personal property which is not classified for property tax purposes as either residential or agricultural. (3) "District" means a business improvement district formed by a municipality pursuant to this part 12. (4) (a) "Elector" means a natural person who is a citizen of the United States and a resident of the State of Colorado, who is eighteen years of age or older, and who: (I) Makes his primary dwelling place in the district; or (II) Owns taxable real or personal property within the boundaries of the district; or (III) Is the holder of a leasehold interest in taxable real or personal property within the boundaries of the district; or (IV) Is the natural person designated by an owner or lessee of taxable real or personal property in the district which is not a natural person to vote for such owner or lessee. Such designation must be in writing and filed with the secretary of the district. Only one such person may be designated by an owner or lessee. (b) Nothing in this subsection (4) shall permit an elector to cast more than one vote. (5) "Improvements" means public improvements, including but not limited to streets, sidewalks, curbs, gutters, pedestrian malls, streetlights, drainage facilities, landscaping, decorative structures, statuaries, fountains, identification signs, traffic safety devices, bicycle paths, off-street parking facilities, benches, rest rooms, information booths, public meeting facilities, and all necessary, incidental, and appurtenant structures and improvements. "Improvements" also includes the relocation and improvement of existing utility lines. (6) "Net effective interest rate" means the net interest cost of securities divided by the sum of the products derived by multiplying the principal amount of the securities maturing on each maturity date by the number of years from their date to their respective maturities. In all cases, "net effective interest rate" shall be computed without regard to any option of redemption prior to the designated maturity dates of the securities. (7) "Net interest cost" means the total amount of interest to accrue on securities from their date to their respective maturities, less the amount of any premium above par, or plus the amount of any discount below par, at which said bonds are being or have been sold. In all cases, "net interest cost" shall be computed without regard to any option of redemption prior to the designated maturity dates of the securities. (8) "Operating plan" means the operating plan approved by the municipality pursuant to section 31-25-1211. (9) "Publication" has the same meaning as that set forth in section 32-1-103 (15), C.R.S. (10) "Service area" means the area within the municipality which is described in the ordinance creating a district pursuant to this part 12, no less than fifty percent of which area shall have been developed and used as commercial property prior to the adoption of such ordinance and, at the time of the adoption of such ordinance, shall be used primarily as commercial property. Notwithstanding any provision in this subsection (10) to the contrary, the service area may include a location designated by the municipality, after public notice and hearing, as a location for new business or commercial development. Property which is not commercial property and which is within the "service area" of a district shall not be subject to the revenue- raising powers of the district until it becomes commercial property and is included within the district's boundaries, as provided in section 31-25-1208. (11) "Services" means the services described in section 31-25-1212 (1)(f).
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