Substantial proprietary interest definition
Substantial proprietary interest means the authority: (i) owns fee title or a leasehold interest in the project of at least forty years; or (ii) provides financing for the project, whether by direct loan or indirectly by a guarantee, subsidy, deposit, credit enhancement or similar method.
Substantial proprietary interest means (A) a financial investment by the state of not less than six million dollars in any hospitality project, or twenty per cent of the cost of such project, whichever is less, in which the state shall be reimbursed under the terms of a finance agreement, or (B) any contract, lease or license entered into or issued pursuant to a hospitality project in which the state is entitled to receive rents, royalties or other payments in connection with a property provided by the state and based on the revenue of such hospitality project.
Substantial proprietary interest means the authority:
More Definitions of Substantial proprietary interest
Substantial proprietary interest means an initial investment by the Capital Region Development Authority, as described in section 32-601, of not less than twenty-five million dollars in any project.