For the purposes of this ordinance the following terms, phrases, words and their derivatives shall have the meanings set forth herein.
CASH FLOW. The cash flow generated by the licensee from the annual operations of the educational museum/theme park and is more specifically defined in the CASH FLOW Agreement required by this ordinance.
EDUCATIONAL MUSEUM/THEME PARK. Any building, structure, or collection or combination thereof (including RELATED PARKING AREAS) operated for the purpose of educating and entertaining the general public through the presentation of a collection of exhibits, displays, amusements, shows, rides, etc., which building, structure, collection or combination hereof occupies in excess of ten acres and is located in an area where more than fifty percent (50%) of all the land within five hundred (500) feet of its boundaries, excluding waterways, is developed land. For the purposes hereof, DEVELOPED LAND includes streets, roads, alleys, sidewalks and parks.
RELATED PARKING AREAS. Those areas for the parking of vehicles for guests and invitees of the educational museum/theme park which includes all such parking areas located on the theme park site as well as those parking areas located within a 2,500 foot radius of the external boundaries of said theme park site and which are owned, operated or managed by the licensee or by any other person, firm or corporation by agreement with the licensee and which are substantially used for the parking of automobiles for the guests and invitees of the licensee.
STATE GRANT FUNDS. The amount of any grant from the State of Michigan to be utilized in the construction, financing and/or operation of the educational museum/theme park.
SUBSTANTIAL COMPLETION DATE. The date of the occurrence of the later to occur of:
(1) The achievement of substantial completion under the construction contract, the supplier contracts and other construction period documents related thereto of the educational museum/theme park; or
(2) The date upon which the educational museum/theme park is ready to open for admission to the general public.
UDAG GRANT. Any amounts received from the United States Department of Housing and Urban Development as an Urban Development Action Grant to be utilized in the construction, financing and/or operation of the educational museum/theme park.
(Ord. 2867, passed 2-14-1983)