Section 18.55.934. State aid for an urban redevelopment or urban renewal project in a disaster area.

   (a) In connection with any project carried out under AS 18.55.932, the commissioner of commerce, community, and economic development may contract with the corporation, under terms approved by the governor, to provide a state grant-in-aid equal to one-half the excess of the cost of the project, as determined by the commissioner, over the federal grant-in-aid.
   (b)   [Repealed, Sec. 16 ch 20 SLA 2002]. 
   (c) For purposes of this section, "cost of the project" includes, in addition to costs directly related to the project, the sum total of all costs of financing and carrying out the project. These include, but are not limited to, the costs of all necessary studies, surveys, plans and specifications, architectural, engineering or other special services, acquisition of real property, site preparation and development, purchase, construction, reconstruction and improvement of real property and the acquisition of machinery and equipment as may be necessary in connection with the project; an allocable portion of the administrative and operating expenses of the grantee; the cost of financing the project, including interest on bonds issued to finance the project; and the cost of other items, including any indemnity and surety bonds and premiums on insurance, legal fees, fees and expenses of trustees, depositaries, financial advisors, and paying agents for the bonds issued as the issuer considers necessary.

Notes

History

(Sec. 5 ch 79 SLA 1964; am Sec. 22 ch 168 SLA 1978; am Sec. 16 ch 20 SLA 2002)