HARRY HUGHES, Governor

769

service establishments, if the Authority determines that the
facilities will be used primarily by or for tourists or
conventioneers; 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 the activities specified in this subsection and
including nonprofit institutions and organizations; or
(viii) the dredging of spoils from tidal waters and the
filling of adjoining land; or (ix) the development of
spoilage disposal areas; or (x) the construction,
reconstruction, rebuilding, revitalization, placement, or
replacement of bulkheads, berths, wharves, supply sheds,
storage buildings used in connection with the operation of a
port, and other facilities, appurtenances, and equipment
necessary or useful in connection with the operation of a
modern port; (xi) acquisition, refinancing, rehabilitation,
or improvement of a public use airport or public use airport
facility; or (xii) constructing, equipping, and financing
facilities for developing and producing the gasoline and
alcohol motor vehicle fuel mixture known as "gasohol."
However, "industrial project" does not include a mercantile
or retail or service establishment except as permitted by
items (v), (vi), (vii) and (xi) of this paragraph. A
project may not be approved for insurance unless the
Authority deems the economic impact of the project to be
substantial. In determining whether or not the economic
impact of a project is substantial, the Authority may
consider any factor it deems relevant, including the amount
of insurance requested, the size of the loan, and the number
of new jobs created by the project. Any finding or
determination by the Authority or the mortgagor in regard to
the implementation of this subtitle shall be conclusive.
The financing, construction, operation, and administration
of an industrial project under this subtitle shall be
subject to the provisions concerning discrimination and
unlawful practices in Article 49B of this Code, title "Human
Relations Commission."

(4)  "Local development corporation" means any
corporation or foundation no part of the net earnings of
which inures to the benefit of any private shareholder or
individual organized and operated primarily for the purposes
of fostering, encouraging, and assisting the physical
location and settlement of industrial and manufacturing
enterprises within the State or promoting the industry of
the State.

(5)  "Maturity date" means the date on which the
mortgage indebtedness would be extinguished if paid in
accordance with payments provided for in the mortgage.

(6)  "Mortgage" means a first mortgage or first
deed of trust, on an industrial project; provided, however,
that if a loan is approved without insurance, a mortgage may
be other than a first mortgage. The mortgage may be a
construction mortgage creating a first lien on an industrial