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  1. Market
    The set of existing and prospective users of a product or service.
  2. Market Segment
    A distinct or definable subset of a market, also target market.
  3. Marketing
    The process of analyzing, planning, and executing and controlling messages and programs designed to influence the level, timing and character of demand in selected target markets for the purpose of achieving an organization's objectives.
  4. Master Developer
    Developer that manages overall property development process, conveying parcels to other developers to do more site-specific development.
  5. Matching Grant
    A grant for the same amount that the grantee expends on a project.  This effectively subsidizes the project, while giving the grantee incentive to spend more on the project.
  6. Maturity 
    The amount of time before an investment or debt comes due.
  7. Mayor-Council
    A system of city government which separates legislative and executive power.  Mayor council forms of government range along a continuum from extremely strong to very weak.  The strong mayor often has executive powers, while weak mayor sees power dispersed among separate agencies.
  8. MicroEnterprise
    A business that is “smaller-than-small.”  Operated by a person on a full- or part-time basis, usually out of a home, e.g., carpenters, day-care providers, crafts persons, and caterers.
  9. Microloans
    Very small, short-term unsecured loans given to people without credit history and/or the collateral necessary to obtain a conventional loan.  These are available from either local lenders or the SBA’s 7(m) Microloan program.
  10. Minority Business Development Agency (MBDA)
    An agency within the US Department of Commerce, MBDA was established in 1969 by executive order as the Office of Minority Business Enterprise, to offer financial and technical assistance to minority entrepreneurs. The MBDA provides assistance to socially or economically disadvantaged individuals who own or want to start a business.  MBDA provides funding for Minority Business Development Centers (MBDC), Native American Business Development Centers (NABDC), Business Resource Centers (BRC) and Minority Business Opportunity Committees (MBOC).
  11. Mixed Use Development
    Three or more different but complementary land uses that are developed as part of one synchronized/comprehensive project.
  12. Mixed Use Zoning
    Zoning that permits the use of real estate for more than one purpose; such as a building that has residential units, office, and retail space.  Mixed use can be horizontal (multiple uses in an area or on one block/site) and/or vertical (multiple uses in one building.)
  13. Moderate Income
    A definition based on family income as a percentage of an area’s median income.  Different programs may set different percentages.  According to HUD’s Comprehensive Housing Affordability Strategy guidelines, households whose incomes are between 81 percent and 95 percent of an area’s median income with adjustments for smaller or larger families are considered to moderate income.
  14. Modification to a legal nonconforming use
    A nonconforming use is a lot or improvement that was present prior to adoption of the zoning ordinance but doesn't conform to that ordinance.  Modifications may be allowed if the modification doesn't impose any greater negative impact than it already does.
  15. Mortgage Revenue Bonds (MRB's) 
    A bond issued to finance permanent mortgages on housing, the lien of which is conveyed to the bondholders by a deed of trust.  Those bonds issued by a unit of state or local government are first mortgage bonds secured by specific real property, and generally not the full faith and credit of the municipality authorizing the bond issuance.  Most states issue MRBs through their state housing finance agency.
  16. Multiplier Effect
    Describes the process of dollar or job generation as a result of a new or migrating business or project, or of a local business expanding production (to exports).  The multiplier effect accounts for additional local income generated by local spending of money that came from outside a community.
  17. Multiplier
    A quantitative estimate of the impact (in dollars, jobs created, demand) of a project.
  18. National Environmental Policy Act (NEPA)
    The National Environmental Policy Act of 1969.  The act sets provisions for feral actions that have an impact on the environment.  The intent of the law is to protect the environment from some of the major impacts, which federal projects have had in the past.
  19. National Priority List (NPL)
    The National Priority List of CERCLA that lists highly contaminated sites that are eligible for CERCLA funding to help remediate the property.
  20. Net Income
    An income statement identity.  The amount remaining after all costs, expenses, and allowances for deprecation have been deducted from total receipts of an entity.
  21. Net Operating Income
    The cast remaining in a real estate project after deducting annual operating expenses and expected losses in revenue from vacancies and uncollected rents from gross revenues.
  22. Net Square Feet
    The square feet available for direct lease to tenants after deducting common areas (elevator shafts, lobby, restrooms) from gross square feet.
  23. Net Worth
    The amount by which total assets (typically measured by their fair market value) exceed total liabilities.
  24. Niche
    An identifiable market or marketing segment that can be readily and prosperously perpetrated.
  25. Notes
    A written promise to pay a debt, similar to bonds.
  26. Operating Capital
    Short-term resources often needed for predevelopment activities including site assessments, feasibility studies, legal fees, and other out-of-pocket expenses until the project starts producing income.
  27. Operating Cycle
    The process of producing a product or service, getting it to market and collecting the proceeds from its sale.  It is also defined as the flow of cash through the normal operation of a company.
  28. Opportunity Cost
    The benefit forgone by making an investment or incurring a liability.
  29. Options
    An agreement that permits the purchase or sale of something within a specified period of time according to specified terms.
  30. Origination Fee
    An up-front fee charged by a lender.  The fee is based on points or percentage of the total principal amount of the loan; a single point is equal to 1%.  A three-point loan origination fee on a $100,000 loan would be $3,000 (100,000 x .03)
  31. Overall Economic Development Plan (OEDP)
    A plan developed at the city, county or EDD level, as required by EDA, to identify the subject area’s problems and opportunities for economic development, to define goals and objectives which will be pursued, and listing infrastructure, and other projects needed to achieve those goals and objectives.
  32. Overlay Zoning
    A zoning incentive/constraint that subjects existing zoning districts to an additional layer of development standards.  Examples: mixed-use, historic districts, floodplains.
  33. Par Value
    The principal of a bond or preferred stock (also face value).
  34. Parking Ratio
    The ratio of parking spaces to gross building area.  For example, a suburban office building may have 4 spaces per 1,000 square feet.
  35. Penturb
    An independent, small metro area that lies at quite a distance from a major metropolitan area.
  36. Personal Selling
    A professional market effort involving face-to-face communication and feedback, with the goal of making a sale or inducing a favorable attitude towards a community or company.
  37. Planned Unit Development (PUD)
    Relaxes zoning restrictions for a designated tract of land.  It is often done to allow clustering of development on one part of a site with another part set aside for open space.
  38. Pooling (risk pooling)
    Also Risk Pooling:  A method of spreading the risk burden.  Individual investors purchase small shares of a several investments.  If a particular investment fails, the investor only loses his share of that investment rather than the whole investment.
  39. Power Center
    A center dominated by several large anchors, including discount department stores, off-price stores, warehouse clubs or category killers.  The center typically consists of several freestanding (unconnected) anchors and only a minimum amount of small specialty tenants.
  40. Present Value
    The value today of a future payment or stream of payments.
  41. Principal
    The amount of debt, exclusive of interest owed.
  42. Private Activity Bonds
    Bonds issued by the government and used for a private purpose benefiting individuals or entities.
  43. Pro Formas
    Projected financial statements.  Generally conducted as a multi-year financial projects of a project or business' operating income, expenses, and cash flow.  They are used to determine the economic viability of a project.
  44. Product Cycle Theory
    Theory that describes the production of particular product over time.  Products are developed by small firms in a particular region, than the product becomes standardized, and produced on a mass production scale, by larger companies.
  45. Project Costs
    The total cost of the development, including hard and soft costs, direct and indirect costs (i.e. legal fees and interest on borrowed funds.)
  46. PRomotion
    The act of furthering the growth and development of an organization by generating exposure to a target market.
  47. Property Tax
    The amount of tax that a property owner pays on the value of his or her property.  The tax is calculated by multiplying the assessed value of a property by the tax rate.
  48. Public Infrastructure Extension
    Local governments provide public infrastructure extension to meet the infrastructure needs of new, expanding, or relocating firms whose facilities need better water, sewage, telephone, or road infrastructure.
  49. Public Use Bonds
    Also referred to as government bonds.  They are used for public purposes such as highways, schools, bridges, sewers, jails, parks, and government buildings.
  50. Public Use Revenue Bonds
    Bonds that are payable solely from the earnings of a particular project or facility acquired or constructed with the issued bonds.
  51. Public Works Trust Funds
    Public Works Trust Funds are used by states to provide loans instead of grants for infrastructure projects.  These trust funds support projects self-sufficiency, comprehensive planning, and allocation of funds based on management, and ability to repay the loans rather than severity of need.
  52. Rate of Return
    The relationship (expressed as a percentage) between the annual net income that is generated by a business and the invested capital (or the appraised value or the gross income) of the business. The rate of return is the percentage yield to the investor based on the property's production of income.How much money an inventor will make on an investment compared to their original investment. Return on investment is either interest payments on debt investment, dividends on equity investments and any capital gain (the increase in value of an investment over the initial investment.)
  53. Real Estate
    Land and anything permanently affixed to it, including buildings, fences, and other items attached to the structure.
  54. Real Property
    Land an any permanent fixtures on it, including buildings, trees, and minerals.
  55. Recoverable Grant
    A non-interest loan that has to be repaid to the lender making the grant.
  56. Redevelopment
    Converts a previously developed property in a higher, more productive use or improves an area through renovation or rehabilitation of existing buildings or properties.
  57. Redlining
    The practice of financial institutions of designating certain areas of a city or certain groups as too risky for lending.
  58. Remediation
    The cleanup of environmentally contaminated property.
  59. Resource Audit
    A process for inventorying potential resources or competencies anticipated to be available in a region during the planning period.  Used in selecting strategies and strategic initiatives that are achievable.
  60. Resource Conservation and Recovery Act (RCRA)
    Regulates generation, transportation, store, treatment, and disposal of hazardous waste for active operations.
  61. Retained Earnings
    Net income that is not distributed as dividends to investors.
  62. Revolving Loan Fund
    A pool of public and private sector funds in which the money is recycled to make successive loans to businesses. Loans made by an RLF are repaid with interest and the payments are returned to replenish the lending pool so new loans can be made. The funds are thus recycled and the RLF grows as each generation of borrowers adds to the pool.A pool of capital in which the funding is recycled to provide future financing.
  63. Right-of-way
    A type of easement, which implies that the owner through the easement gives another the right to pass over the land or put and maintain a transport route such as needed for utilities and railroads.
  64. Risk
    The variability of investment return. Risk depends primarily on factors such as market demand, competitive strengths, type of development, construction challenges, regulatory climate, and liquidity.The degree of uncertainty that an investment will be lost.
  65. Risk Management
    Strategically protecting against losses (financial) for any venture that has an uncertain outcome.
Card Set:
2012-08-13 17:51:00


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