For purposes of this chapter, the following definitions shall apply:
“Commissioner” means the Commissioner of Planning and Development.
“Department” means the Department of Planning and Development.
“Group I Award” means, with respect to an individual development project funded under this chapter, a grant in an aggregate amount of $300,000.00 or less, excluding any Pre-Development Award with respect to such project.
“Group I Program Funding Limit” has the meaning ascribed to that term in subsection (d) of Section 16-14-080.
“Group II Award” means, with respect to an individual development project funded under this chapter, a grant in an aggregate amount exceeding $300,000.00 and less than $5,000,000.00, including any Local Residency Bonus, but excluding any Pre-Development Award, with respect to such project.
“Local Residency Bonus” means a funding bonus of up to 25 percent of the total project cost of a development project where the primary residence(s) of the owner or owners are located within the Qualified Investment Area. For Group II Awards, the Local Residency Bonus may not exceed a total of $500,000.00.
“Pre-Development Award” means a grant in an aggregate amount of $150,000.00 or less for costs described in subsection (d) of Section 16-14-070 that is awarded to support the development of an individual development project for which the applicant has applied for a Group I Award or Group II Award.
“Qualified Investment Area” means any area in the City designated by the Commissioner as a low-moderate income area pursuant to data on areas of concentrated disadvantage published by the United States Census Bureau.
“Small Business Development Costs” means the costs of business incubation, mentoring, and training within the meaning of subsection (e) of Section 16-14-060.
(Added Coun. J. 5-18-16, p. 24993, § 2; Amend Coun. J. 2-19-20, p. 14012, § 3; Amend Coun. J. 7-17-24, p. 13743, § 1; Amend Coun. J. 9-18-24, p. 16322, § 1)