768

LAWS OF MARYLAND

Ch. 49

including, without intending thereby to limit the generality
of such costs: the cost of acquiring real property therefor;
the cost of constructing or reconstructing buildings and
improvements thereon, including, 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 or 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 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 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.

(2)  "Federal agency" means the United States of
America, the President of the United States of America, and
any department of, or corporation, agency or instrumentality
heretofore or hereafter created, designated or established
by, the United States of America.

(3)  "Industrial project" means (i) construction
of a new industrial or manufacturing plant; or (ii)
acquisition, refinancing, rehabilitation, or improvement of
a former industrial or manufacturing plant; or (iii)
buildings used primarily for storage or transshipment of
manufactured goods or agricultural or seafood products; or
(iv) buildings to be used for research and development for
the discovery, perfection, or evaluation of new processes or
products; or (v) construction, acquisition, refinancing,
rehabilitation, or improvement of tourist or convention
facilities, which may include mercantile, retail, and