2904

LAWS OF MARYLAND

[Ch. 622

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 lien 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. THE TERM "COST OF
PROJECT" ALSO INCLUDES EITHER (A) THE COST INCURRED FOR
THE ABOVE PURPOSES BY THE PARTICIPATING MUNICIPALITY,
COUNTY , OR STATE AVIATION ADMINISTRATION[[, OR
INDUSTRIAL DEVELOPMENT AUTHORITY]] ITSELF PRIOR TO THE
APPROVAL OF THE LOAN BY THE AUTHORITY; OR (B) THE FAIR
MARKET VALUE OF SUCH COSTS APPRAISED AS OF THE TIME OF
THE APPROVAL OF THE LOAN BY THE AUTHORITY, WHICHEVER IS
GREATER.

(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] OR CONVENTION facilities [including hotels,
inns, lodges, resort complexes, restaurants, marinas,
campgrounds, travel—trailer parks, amusement, recreation
and entertainment facilities and other facilities used by
tourists and conventioneers], WHICH MAY INCLUDE
MERCANTILE, RETAIL AND SERVICE ESTABLISHMENTS, provided
that the Authority determines that the facilities will be
used primarily by tourists or conventioneers [and further
provided that the Authority determines that such
facilities fill an established need in the overall
development or expansion of a municipality's, county's,
or region's tourist industry and/or convention business.]
; OR (VI) MERCANTILE, RETAIL OR SERVICE FACILITIES THAT
PRIMARILY SERVE OUT-OF-STATE MARKETS; OR (VII) OFFICE
BUILDINGS FOR USE AS CORPORATE OR COMPANY HEADQUARTERS OR
REGIONAL OFFICES FOR ANY BUSINESS ACTIVITY INCLUDING BUT
NOT LIMITED TO THE ACTIVITIES SPECIFIED IN THIS