(a)Subject to the limitations set forth in this subchapter, any qualified corridor or district investor making a qualified real property investment in a corridor or district is entitled to a grant in an amount up to 20% of the qualified real property investments made by the qualified corridor or district investor in excess of the minimum qualified investment threshold.
(b)For purposes of this subchapter:
(1)“DDC Grant,” “DDD Grant, or grant” means a Downtown Development Corridor or Downtown Development District Grant under subsection (a) of this section.
(2)“Facility” means a complex of buildings, co-located at a single physical location within a corridor or district, all of which are necessary to facilitate the conduct of the same residential, trade, or business use. This definitio
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(a) Subject to the limitations set forth in this subchapter, any qualified corridor or district investor making a qualified real property investment in a corridor or district is entitled to a grant in an amount up to 20% of the qualified real property investments made by the qualified corridor or district investor in excess of the minimum qualified investment threshold.
(b) For purposes of this subchapter:
(1) “DDC Grant,” “DDD Grant, or grant” means a Downtown Development Corridor or Downtown Development District Grant under subsection (a) of this section.
(2) “Facility” means a complex of buildings, co-located at a single physical location within a corridor or district, all of which are necessary to facilitate the conduct of the same residential, trade, or business use. This definition applies to new construction as well as to the rehabilitation and expansion of existing structures.
(3) “Minimum qualified investment threshold” means the minimum level of qualified real property investments required to be made by a qualified corridor or district investor in a building or facility to qualify for a grant, as determined by DSHA. Not more often than once per year, DSHA may amend the minimum qualified investment threshold with respect to uses (residential, commercial, industrial, etc.), types of projects (rehabilitation, new construction, etc.), or other criteria determined by DSHA to be necessary or convenient to accomplish the purposes of this chapter.
(4) “Qualified corridor or district investor” means an owner or tenant of real property located within a corridor or district that expands, rehabilitates, or constructs the real property for residential, commercial, industrial, or mixed use. For a tenant, the amounts of qualified real property investment specified in this section relates to the proportion of the building or facility for which the tenant holds a valid lease. For an owner of an individual unit within a “common interest community,” as defined in § 81-103 of Title 25, the amounts of qualified real property investments specified in this chapter relates to that proportion of the building for which the owner holds title and not to common elements.
(5) a. “Qualified real property investment” means the amount in excess of the minimum qualified investment threshold that is properly chargeable to a capital account for improvements to rehabilitate, expand, or construct depreciable real property placed in service during the calendar year within a corridor or district. Specific inclusions and exclusions from the definition of “qualified real property investments” are to be determined by DSHA, but the definition must generally include expenditures associated with all of the following:
1. Any exterior, interior, structural, mechanical, or electrical improvements necessary to construct, expand, or rehabilitate a building or facility for residential, commercial, industrial, or mixed use.
2. Excavations.
3. Grading and paving.
4. Installing driveways.
5. Landscaping or land improvements.
6. Demolition.
b. Notwithstanding paragraph (b)(5)a. of this section, an investment in the rehabilitation, expansion, or construction of any building or facility in a corridor or district is not a qualified real property investment unless it is performed in accordance with the corridor plan or district plan.