§ 40-63-01 — Definitions

North Dakota § 40-63-01

• Jurisdiction: North Dakota
• Title 40: Municipal Government
• Ch. 40-63: Renaissance Zones

Text

As used in this chapter:
1. "Boundary" means the boundary established by vote of the city governing body and
approved by the department of commerce division of community services.
2. "Development plan" means a written plan that addresses the criteria in subsection 1 of
section 40-63-03 and includes the following:
a. A map of the proposed renaissance zone which indicates the geographic
boundaries and blocks, a description of the properties and structures on each
block, identification of those properties and structures to be targeted for potential
zone projects, and a description of the present use and conditions of the targeted
properties and structures.
b. A description of the existing physical assets, in particular natural or historical
assets, of the zone and a plan for the incorporation and enhancement of the
assets within the proposed development.
c. An outline of goals and objectives and proposed outcomes, including major
milestones or benchmarks, by which to gauge success resulting from the
designation of the zone.
d. A description of the types of projects the city would encourage in the city's
targeted properties.
e. A description of the promotion, development, and management strategies to
maximize investment in the zone.
f. A plan for the development, promotion, and use of a renaissance fund
organization, if one is desired to be established. If a city is not ready to commit to
establishing a renaissance fund organization, the city may indicate in the
renaissance zone application the city's desire to submit a plan for approval at a
later date.
g. Evidence of community support and commitment from residential and business
interests. Evidence of community support must include letters of support from the
governing bodies of each county and school district that contain property located
within the boundaries of the proposed renaissance zone.
3. "Investor" means the individual, partnership, limited partnership, limited liability
company, trust, or corporation making an investment in a renaissance fund
organization.
4. "Lease" means the lease of space in a building in a designated renaissance zone by a
new business moving into the zone or by an existing zone business expanding in the
zone, and the continuation of a lease of an existing zone tenant in a building
rehabilitated as an approved zone project. For existing zone tenants expanding in the
zone, the term does not include existing leased space.
5. "Local zone authority" means the city or the entity designated by the city to promote,
develop, and manage the zone and may include any nonprofit incorporated entity such
as an economic development corporation, community development corporation, main
street organization, or chamber of commerce.
6. "Original principal amount" means the funds invested in a renaissance fund
organization after designation of the renaissance zone and before the sunset of that
zone.
7. "Rehabilitation", as used in sections 40-63-04 and 40-63-05, means the repair or
remodeling of a building or public utility infrastructure at a cost that is equal to or
exceeds:
a. For an income tax or property tax exemption under this chapter which exceeds
five taxable years, seventy-five percent of the current true and full value for
residential property, excluding owner-occupied single-family residential property,
or commercial property for a business or investment purpose.

b. For an income tax or property tax exemption under this chapter of five taxable
years or less, fifty percent of the current true and full value for residential
property, excluding owner-occupied single-family residential property, or
commercial property, for a business or investment purpose.
c. Fifty percent of the current true and full value for public utility infrastructure.
d. Twenty percent of the current true and full value for owner-occupied single-family
residential property.
8. "Taxpayer" means an individual, corporation, or trust subject to the taxes imposed by
chapter 57-38 and includes a partnership, subchapter S corporation, limited
partnership, limited liability company, or any other passthrough entity.
9. "Zone" means a renaissance zone proposed by a city and designated by the
department of commerce division of community services.
10. "Zone project" means the purchase, lease, rehabilitation, or historical preservation or
renovation of a building or space in a building approved for zone incentives by a
majority vote of the city governing body or zone authority.