For the purposes of this article, the following words shall have the following meanings:
(1)COSTS OF A QUALIFIED PROJECT. All costs including, but not limited to, the following:
a. All costs of acquisition, by purchase or otherwise, construction, assembly, installation, modification, renovation, or rehabilitation incurred in connection with any qualified project or any part of any qualified project.
b. All costs of real property, fixtures, or personal property used in or in connection with or necessary for any qualified project or for any facilities related thereto, including, but not limited to, the following:
1. The cost of all land, estates for years, easements, rights, improvements, water rights, connections for utility services, fees, franchises, permits, approvals, licenses, and cer
Free access — add to your briefcase to read the full text and ask questions with AI
For the purposes of this article, the following words shall have the following meanings:
(1) COSTS OF A QUALIFIED PROJECT. All costs including, but not limited to, the following:
a. All costs of acquisition, by purchase or otherwise, construction, assembly, installation, modification, renovation, or rehabilitation incurred in connection with any qualified project or any part of any qualified project.
b. All costs of real property, fixtures, or personal property used in or in connection with or necessary for any qualified project or for any facilities related thereto, including, but not limited to, the following:
1. The cost of all land, estates for years, easements, rights, improvements, water rights, connections for utility services, fees, franchises, permits, approvals, licenses, and certificates.
2. The cost of securing any franchises, permits, approvals, licenses, or certificates.
3. The cost of preparation of any application therefor and the cost of all fixtures, machinery, equipment, furniture, and other property used in or in connection with or necessary for any qualified project.
c. All financing charges and fees and all interest on revenue bonds, notes, or other obligations of a local government which accrues or is paid prior to and during the period of construction of a project and during any additional period as the local government may reasonably determine to be necessary to place the qualified project in operation.
d. All costs of engineering, surveying, and architectural and legal services and all expenses incurred by engineers, surveyors, architects, and attorneys in connection with any qualified project.
e. All expenses for inspection of any qualified project.
f. All fees of fiscal agents, paying agents, and trustees for bondholders under any trust agreement, indenture of trust, or similar instrument or agreement; all expenses incurred by any fiscal agents, paying agents, and trustees and all other costs and expenses incurred relative to the issuance of any revenue bonds, notes, or other obligations for any qualified project.
g. All fees of any type charged by a local government in connection with any qualified project.
h. All expenses incurred in determining the feasibility or practicability of any qualified project.
i. All costs of plans and specifications for any qualified project.
j. All costs of title insurance and examinations of title with respect to any qualified project.
k. Repayment of any assessments made for the advance payment of any part of any of the costs provided in this subdivision, including interest thereon and any other expenses of the assessments.
l. Administrative expenses of the local government and other expenses as may be necessary or incidental to any qualified project or the financing thereof or the placing of any project in operation.
m. The establishment of a fund or funds for the creation of a debt service reserve, a renewal and replacement reserve, or other funds or reserves as the local government may approve with respect to the financing and operation of any project and as may be authorized by any bond resolution, trust agreement, indenture of trust, or similar instrument or agreement pursuant to the provisions of which the issuance of any revenue bonds, notes, or other obligations of the local government may be authorized.
(2) DESIGNATED REGION. An area approved by a local government for qualified projects pursuant to Section 11-81-242.
(3) LOCAL GOVERNMENT. Any incorporated municipality, county, or improvement district in this state.
(4) PROGRAM. A program created under this article.
(5) QUALIFIED PROJECT or PROJECT. The installation or modification of a qualifying improvement on real property in a designated region under a program adopted by a local government.
(6) QUALIFYING IMPROVEMENT. An improvement fixed to or used upon an existing building or facility that is part of the real property and intended to increase energy efficiency and community resilience to storm-related events, such as high winds and flooding, including, but not limited to, any of the following:
a. Wind resistant improvements or programs that qualify the structure for insurance discounts including, but not limited to, the FORTIFIED Program or improvements that increase the life safety of occupants during tornados including, but not limited to, safe rooms that comply with the International Code Congress (ICC-500) as mandated by the Alabama Building Commission, or are manufactured or site built under the supervision of a professional or producer member of the National Storm Shelter Association.
b. Energy conservation and efficiency improvement, which is a measure to reduce consumption through conservation or a more efficient use of electricity, natural gas, propane, or other forms of energy on the real property, including, but not limited to, any of the following:
1. Air sealing.
2. Installation of insulation.
3. Installation of energy-efficient heating, cooling, or ventilation systems.
4. Building modifications to increase the use of daylight.
5. Replacement of windows.
6. Installation of energy controls or energy efficient lighting systems.
7. Installation of electric vehicle charging equipment.
8. Installation of efficient lighting equipment.
9. Other improvements that lead to demonstrable savings.
c. Flood mitigation, including, but not limited to, any of the following:
1. The raising of a structure above the base flood elevation to eliminate flood damage.
2. Installation of a flood diversion apparatus.
3. Electrical, mechanical, plumbing, or other system improvements that reduce flood damage.
4. Improvements to mitigate or eliminate the potential for microbial growth, or reduce flood insurance premiums.
5. Any other improvement that reduces repetitive loss that is recognized by the National Flood Insurance Program, Community Rating System, or the Federal Emergency Management Agency (FEMA).
(7) REAL PROPERTY. Real property excludes residential property consisting of fewer than five units and individual residential units of condominiums or cooperatives and limited common elements and common elements attached to or related to the condominium or cooperative units.