Montana Code 15-24-2001. Definitions
15-24-2001. Definitions. Unless the context requires otherwise, the following definitions apply to this part:
Terms Used In Montana Code 15-24-2001
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: means real and personal property. See Montana Code 1-1-205
(1)”Building and land” means commercial improvements and land sold or donated to a local economic development organization for subsequent sale or lease to a profit-oriented, employment-stimulating business. The term includes commercial property that has not been used in a business for 6 months immediately preceding the sale or donation of the building and land to the local economic development organization.
(2)”Local economic development organization” means a private, nonprofit organization whose primary purposes are to develop the economy of its area and to provide assistance to businesses in that area.