§ 2.51.030 — Definitions

2.51.030 - Definitions.

Unless the context otherwise requires, the terms defined in this chapter shall have the following meanings: Act means the California Industrial Development Financing Act, Title 10, commencing with California Government Code § 91500, as amended. Authority means the economic development authority of the City as created by this chapter. Bonds means any bonds, bond anticipation notes, notes, certificates, debentures or other obligations issued by the authority pursuant to this chapter. Cost means all capital costs incurred by or on behalf of a person in connection with a project, and includes the cost of acquisition, construction, reconstruction, repair, alteration, improvement and extension of any building, structure, facility or other improvement; the cost of land, right-in lands, easements, privileges, agreements, franchises, utility extensions, disposal facilities, access roads and site development necessary, useful or convenient for any project or in connection therewith; interest prior to, during and for a period not exceeding one year after completion of construction; discount on bonds, costs of issuance of bonds, engineering and inspection costs, cost of financial, legal, professional and other estimates and advice, organization, administrative, insurance, operating and other expenses of the authority or any person prior to and during any acquisition or construction, and all such expenses as may be necessary or incident to the financing, acquisition, construction or completion of any project or part thereof, and all such provision for reserves for payment or security of principal of or interest on bonds during or after such acquisition or construction as the authority may determine. Cost with respect to any project shall not mean the cost of providing working capital or inventory. Project means: A. The acquisition, construction, reconstruction, repair, alteration, improvement or extension of any building, structure, or facility whether or not in existence or under construction; and B. The purchase or installation of equipment, machinery, and other personal property, all of which are to be used or occupied by any person in connection with any industrial project for industry, which project may be any industrial or manufacturing factory, mill, assembly plant or fabricating plant. A project may include all appurtenances and incidental facilities such as land, headquarters or office facilities, warehouses, distribution centers, access roads, sidewalks, utilities, railway sidings, trucking and similar facilities, parking facilities, landing strips and other facilities for aircraft, waterways, docks, wharves and other improvements necessary or convenient for the construction, maintenance and operation of any building or structure, or addition thereto. Revenues means receipts, fees, rentals, loan repayments or other payments or income derived from the lease, sale or other disposition of a project, the loan of money, moneys or securities in reserve and insurance funds or accounts or other funds and accounts and income from the investment thereof, and fees, charges or other moneys to be received by the authority in respect of such projects, loans and contracts with persons.

(Ord. 7757, § 26, 2026; Ord. 4976 § 1(c), 1981)