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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 10. PLANNING AND DEVELOPMENT |
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SubTilte 10-B. PLANNING AND DEVELOPMENT |
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Chapter 10-B57. BUSINESS PURCHASE ASSISTANCE PROGRAM |
Section 10-B5799. DEFINITIONS
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5799.1When used in this chapter, the following words and phrases shall have the meaning ascribed:
Board - the Board of Directors of the District of Columbia Economic Development Finance Corporation.
Business acquisition and expansion loan - a loan made to a borrower to purchase, establish, or expand a business in the District of Columbia and to facilitate the revitalization of commercial corridors in designated neighborhoods.
Economic Development Finance Corporation - a quasi-public, nonprofit corporation organization for the purpose of stimulating economic development, business development, and job creation by assisting in the implementation of development projects within the District of Columbia and by providing financial and technical assistance to eligible businesses.
Eligible business - any for profit corporation, partnership or proprietorship; and owner operated business that is currently located or about to be located in the District of Columbia on a designated neighborhood commercial strip.
Ineligible business - a business which is engaged in live entertainment and dancing, sexually oriented products or services, drug paraphernalia sales, lending, gambling brokering, real estate development, political consultants, lobbyists, publishing companies, and all non-profit corporations excluding Community Development Corporations and subsidiaries.
Loan documents - the Deed of Trust, Deed of Trust Note, Loan and Security Agreement, Financing Statement, or any other document required by the Board to close the loan provided in this chapter.
Office of Business and Economic Development - an office established by D.C. Law 1-97 within the Executive Office of the Mayor to serve as a focal point for economic development functions of the District.
Real property acquisition loan - a loan made to a business operator to acquire real property in a designated area for a business which is not an ineligible business.