§ 16-p. The investment opportunity fund. 1. Definitions. For the\npurposes of this section, the following terms, whenever used or referred\nto in this section, shall apply, but not be limited to, the following\nmeanings:\n (a) "Cost" as applied to a project or portion thereof financed under\nthis section, means all or any part of the cost of construction,\nremediation, renovation, and acquisition of all lands, structures, real\nor personal property, rights, air rights, rights-of-way, easements, and\ninterests acquired or used for a project; the cost of demolishing or\nremoving any buildings or structures on land so acquired, including the\ncost of acquiring any lands to which the buildings or structures may be\nmoved, the cost of machinery and equipment, interest prior to, during,\nand for a period after, completion of construction, remediation,\nrenovation, or acquisition, as determined by the corporation; for\nextensions, enlargements, additions, replacements, renovations, and\nimprovements; the cost of architectural, engineering, plans,\nspecifications, estimates, and other expenses necessary or incidental to\nthe construction, acquisition, and financing of any project, excluding\nlobbying and governmental relations expenses.\n (b) "Facilities" means real and personal property, structures, air\nrights, conveyances, equipment, thoroughfares, buildings, and supporting\ncomponents thereof located in the state, that are directly related to\nthe acquisition, construction, reconstruction, rehabilitation,\nremediation, or improvement of a project which will achieve the purposes\nof facilitating the creation or retention of jobs or increasing\ninvestment or business activity within a municipality or region of the\nstate or academic research and development efforts that promote the\ndevelopment of life sciences and high technology initiatives including\ngenomics and biotechnology research and which may include project\npurposes set forth in this section.\n (c) "Financial assistance" in connection with a project, includes, but\nis not limited to, grants, loans, equity investments, loan forgiveness,\nloan guarantee, or any combination thereof.\n (d) "Project" shall include but not be limited to designing,\nacquiring, planning, permitting, entitling, demolishing, removing,\nconstructing, improving, extending, restoring, financing, remediating\nand generally developing facilities.\n (e) "Sponsor" or "project sponsor" shall be the state or any political\nsubdivision of the state or a municipality, including but not limited to\nany departments, agencies, public benefit corporations, or commissions.\nIn addition, a sponsor or project sponsor may include not-for-profit\ncorporations formed on behalf of a sponsor, special districts,\nassessment districts, tax increment financing units or districts,\nbusiness improvement districts, regional and community development\norganizations, not-for-profit organizations, not-for-profit\norganizations or businesses organized to do business under the laws of,\nor doing business within the state, or any combination of the\naforementioned entities that makes application to the corporation for\nfinancial assistance in connection with an investment opportunity fund\nproject in a manner prescribed by the corporation.\n 2. Fund created. The investment opportunity fund is hereby created.\nThe corporation is authorized, within available appropriations, to\nprovide financial assistance pursuant to this section.\n 3. Selection of projects. Following consultation with the division of\nthe budget and with other appropriate state and local agencies and other\norganizations, and prior to soliciting or accepting any application for\nassistance, the corporation shall:\n (a) provide public notice of the primary development objectives and\nminimum standards of the program and individual projects expected to be\neligible for funding through the program; and\n (b) promulgate rules and regulations setting forth the
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