MARVIN MANDEL, Governor                            1467

property therefor; the cost of constructing or
reconstructing buildings and improvements thereon,
including, to the extent such costs are not borne by the
municipality, county, or other taxing district within
which the project is located, the cost of constructing
means of access to and from such project; the cost of
constructing extensions to the project site of existing
utility systems if such costs are customarily borne by
the consumer; insurance premiums, financing charges,
interest costs, commitment fees, and other similar
charges and fees incurred prior to or during the period
of construction, rehabilitation, or improvement; any fees
of charges imposed by the Authority in respect to an
application for a mortgage loan; the cost of preparing
project specifications, surveys, estimates, applications,
and other documents; and all such other costs, charges,
fees, and expenses, including labor costs, overhead
costs, the costs of materials and supplies, and
engineering and legal expenses, as may be reasonably
incident to the construction, acquisition,
rehabilitation, or improvement of the project;
furthermore, the term "cost of project" includes the cost
of any machinery or equipment to be used by the project
occupant in its industrial or manufacturing operations or
any expenses related to the installations, replacement,
or rehabilitation thereof. PROVIDED, THAT THE TERM "COST
OF PROJECT" SHALL ALSO INCLUDE COSTS INCURRED FOR THE
ABOVE PURPOSES PRIOR TO THE APPROVAL OF A LOAN BY THE
AUTHORITY, WHEREVER IT IS NECESSARY FOR THE MORTGAGEE TO
OBTAIN A FIRST LIES ON THE INDUSTRIAL PROJECT AND THE
AMOUNT OF SUCH COSTS IS INCIDENTAL TO THE COST INCURRED
AFTER APPROVAL OF THE LOAN BY THE AUTHORITY, OR WHEREVER
THE AUTHORITY DETERMINES THAT THE REFINANCING OF AN
EXISTING INDUSTRIAL PROJECT IN THE STATE IS REASONABLY
NECESSARY TO AVOID THE REMOVAL OF SUCH INDUSTRIAL PROJECT
TO A LOCATION OUTSIDE THE STATE.

266-0.

(3) "Industrial project" means (i) a new industrial
or manufacturing plant for the construction of which a
mortgage loan guarantee is sought from the Authority; or
(ii) a former industrial or manufacturing plant for the
acquisition, REFINANCING, rehabilitation, or improvement
of which a mortgage loan is sought from the Authority; or
(iii) buildings used primarily for storage or
transshipment of manufactured goods; or (iv) buildings to
be used for research and development for the discovery,
perfection, and/or evaluation of new processes and/or
products; or (v) the construction, acquisition,
REFINANCING, rehabilitation, or improvement of tourist
industry facilities including hotels, inns, lodges,
resort complexes, restaurants, marinas, campgrounds,
travel—trailer parks, amusement, recreation and