1-16B-1. Definitions.

Terms used in this chapter mean:

(1)    "Agricultural enterprise," the acquisition, construction, reconstruction, rehabilitation, or improvement of land, buildings, improvements thereto, or personal property located in the state that are necessary or suitable for use in farming, ranching, or the production of agricultural commodities or necessary or suitable for treating, processing, storing, or transporting raw agricultural commodities;

(2)    "Authority," the South Dakota Economic Development Finance Authority created by this chapter;

(3)    "Beginning farmer," an individual or partnership with a low or moderate net worth that engages in or wishes to engage in farming or ranching;

(4)    "Board," the board of directors of the authority;

(5)    "Bonds," bonds, notes and certificates, and bond, grant, or revenue anticipation notes or any other evidence of indebtedness representing an obligation to pay money;

(6)    "Business enterprise," a work or improvement located within the state including real property, buildings, equipment, furnishings and, any other real and personal property or any interest therein, financed, refinanced, acquired, owned, constructed, reconstructed, extended, rehabilitated, improved, or equipped, directly or indirectly, in whole or in part, by the authority or through loans made by the authority and which is designed and intended for the purpose of providing facilities for manufacturing, industry, processing, warehousing, commerce (including wholesale or retail trade), recreation, hotel, office, research, business (whether or not for profit), or other related purposes, including the machinery and equipment necessary or desirable for the operation thereof;

(7)    "Cost" or "Cost of establishing a development project," any or all of the following:

(a)    The cost of construction, including the cost of acquisition and remodeling of existing buildings and structures, demolishing, removing, or relocating existing buildings or structures, the construction of new buildings and structures, and heating, air conditioning, lighting, and plumbing;

(b)    The cost of all lands, property, rights, easements, and franchises acquired, that are necessary for the construction;

(c)    Financing charges, interest prior to and during construction, the cost of engineering, legal expenses, plans, specifications, surveys, and necessary reserves;

(d)    Estimates of costs and other expenses necessary or incidental to determining the feasibility or practicability of any development project together with any other expenses necessary or incidental to the financing and construction of the development project and the placing of the development project in operation; and

(e)    The cost of acquisition and installation of machinery, equipment, and other tangible personal property;

(8)    "Development project," any site, structure, facility, service, utility, or undertaking comprising, serving, or being a part of any industrial or agricultural or nonagricultural products, storage, distribution, or manufacturing enterprise;

(9)    "Enterprise," except when a part of the term, business enterprise, any person, partnership, firm, limited liability company, company, or corporation, organized for profit or not, which is determined by the authority, after proper investigation, to be financially responsible to assume all loan payments and all other obligations prescribed by the authority in the purchase of a development project and in the operation of an industrial, processing, storage, distribution, or manufacturing enterprise therein or thereon;

(10)    "Lender," any federal or state chartered bank, insurance company, credit union, mortgage loan company, federal land bank, production credit association, bank for cooperatives, federal or state chartered savings and loan association or building and loan association, small business investment company, or any other institution or association qualified within this state to originate and service loans;

(11)    "Working capital needs of business," the requirements of any manufacturing, industrial, processing, warehousing, commercial (including wholesale or retail trade), recreational, hotel, office, research, farming, or ranching enterprise located in the state or enterprise located in the state engaged in the production of agricultural commodities to finance cash flow, inventory, receivables or other current assets or to finance the cost of operating expenses of the enterprise or any combination of the foregoing.

Source: SL 1978, ch 9, § 1(1) to (3); SL 1986, ch 14, § 1; SL 2009, ch 1, § 3; SL 2020, ch 4, § 3.