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� w,�; ante�,,,,]Feir.p,: Money paid by a borrower to a government agency, company, or individual to
<br /> guarantee repayment of a loan. The fee is usually a percentage of the amount of the guarantee.
<br /> Housing District: A type of tax increment financing district which consists of a project, or a
<br /> portion of a project, intended for occupancy, in part,by persons or families of low and moderate
<br /> income, as defined in chapter A, Title II of the National Housing Act of 1934, the National
<br /> Housing Act of 1959, the United States Housing Act of 1937, as amended, Title V of the
<br /> Housing Act of 1949, as amended, any other similar present or future federal, state, or municipal
<br /> legislation, or the regulations promulgated under any of those acts. A project does not qualify
<br /> under this subdivision if the fair market value of the improvements which are constructed for
<br /> commercial use or for uses other than low and moderate income housing consists of more than
<br /> 20 percent of the total fair market value of the planned improvements in the development plan or
<br /> agreement. The fair market value of the improvements may be determined using the cost of
<br /> construction, capitalized income. or other appropriate method of estimating market value.
<br /> Housing Redevelopment Authority: An HRA is a public corporation with power to undertake
<br /> certain types of housing and redevelopment of renewal activities. While state legislation
<br /> conveys authority for housing and redevelopment in each City, it is up to the City Council to
<br /> formally establish an HRA before it can do business and use its powers. Once a council legally
<br /> establishes an HRA, it may undertake certain types of planning and community development
<br /> activities on its own with council approval
<br /> Joint Powers Board: This is a board created by two or more Cities, townships, or counties for a
<br /> specific purpose, such as economic development. The agreement between the units of
<br /> government would specifically describe activities and powers that the board exercises in carrying
<br /> out its duties.
<br /> Limited Partnership: A form of group ownership with at least one general partner and one
<br /> limited partner, the general partner has unlimited liability. Limited partners can only lose their
<br /> initial investment.
<br /> Port Authority: This is a legal entity created by the State Legislature to promote the general
<br /> welfare of a City's port district, increase the volume of commerce in the port and provide
<br /> facilities for handling, storage and shipment of freight. The Port Authority actively develops
<br /> commerce within the City and can enable business location and expansion. The powers of the
<br /> Port Authority are more expansive than the HRA or EDA. Port Authorities can issue General
<br /> Obligation bonds without an election.
<br /> Redevelopment District: A type of tax increment financing district consisting of a project , or
<br /> portions of a project, within which the authority finds by resolution that one of the following
<br /> conditions, reasonably distributed throughout the district, exists: parcels consisting of 70 percent
<br /> of the area of the district are occupied by buildings, streets,utilities,paved or gravel parking lots,
<br /> or other similar structures and more than 50 percent of the buildings, not including outbuildings,
<br /> are structurally substandard to a degree requiring substantial renovation or clearance; or the
<br /> property consists of vacant, used, under used, inappropriately used, or infrequently used rail
<br /> yards,rail storage facilities, or excessive or vacated railroad rights-of-way.
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