PINE TREE DEVELOPMENT ZONES

§5250-H.__Findings and declaration of necessity

1.__Legislative finding.__The Legislature finds that there is a need to encourage development in economically distressed areas of the State in order to:

A.__Provide new employment opportunities;

B.__Improve existing employment opportunities;

C.__Improve and broaden the tax base; and

D.__Improve the general economy of the State.

2.__ Authorization.__For the reasons set out in subsection 1, a unit of local government, or 2 or more cooperating units of local government, may develop a program for improving a district within its collective boundaries:

A.__To provide impetus for targeted business development;

B.__To increase employment; and

C.__To provide the facilities outlined in the development program adopted by the participating units of local government.

3.__Declaration of public purpose.__The Legislature declares that the actions required to assist the implementation of these development programs are a public purpose and that the execution and financing of these programs are a public purpose.

§5250-I.__Definitions

As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__Affiliated business.__"Affiliated business" means a member of a group of 2 or more businesses in which more than 50% of the voting stock of each member corporation or more than 50% of the ownership interest in a business other than a corporation is directly or indirectly owned by a common owner or owners, either corporate or noncorporate, or by one or more of the member businesses.