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WDUSIV <br />q q q <br />fa <br />Collateral,: A tangible asset like land, building', inventory, machinery and equipment, etc., offered <br />as secu it ran on a loan. Typically,, the value of the offeringi is greater than the amount loaned. <br />Commercial Club'- Usually an incorporated 5011 (c)(4) or (6) organization whose purpose is to <br />promote co-mmunity and retail events. The membership is, usually made up of retail business <br />owners or owners of businesses "in, the central or downtown busmess district. <br />1 A board used to advise City Councd, appointed by the Mayor and/or <br />Development Commiss*on. 1 <br />CityCouncil. It has limited or no decision making authority, and is used, as a so-undi boardora <br />i 1 Ing <br />first point of contact, for the City Council for development projects. The coninlission is used to <br />dra,ft strategies and policies for ratification and implementation of' local plans on a volunteer <br />basis. <br />Economic Development District: A type of tax increment financing district which consists of any <br />4 ect, or portions ofa. project, but which the authority fuidsi to bem' the pubilk interest because: <br />PrOJ <br />it will, discourage conunerce, industry, or manufacturing from moving theiri operations to another <br />state or municipality- or it will result in "increased employment in the state's, or it will result in <br />I I <br />preservation and enhancement', of the tax base, of the statel. <br />F'or-,Profit Devel i 1i ent Comoration: A corporation formed to develop and sell industrial land <br />and/or Provide financing for busm"ess development within the co iunity. Local investors can <br />M that can be paid dividends for profits III projects. Money 'invested in <br />corporations can be repaid to the stockholderisi. The board is made up ofshareholders and may or <br />may not have s,ta,ff. The corporation, is subject to federal and state fficome tax. <br />31 <br />