For the purposes of this article, the following words and phrases shall have the following meanings:
(1) GROWING ALABAMA CREDIT. The credit provided for in Section 40-18-413(a).
(2) INDUSTRY OR BUSINESS. An entity which would conduct at a site an activity that is primarily described in Section 40-18-372(1).
(3) LOCAL ECONOMIC DEVELOPMENT ORGANIZATION. Organizations which are determined by the Department of Commerce to meet both of the following criteria:
a. The organization is an Alabama entity not operating for a profit, including, but not limited to, a municipality or county, an industrial board or authority, a chamber of commerce, or some other foundation or Alabama nonprofit corporation charged with improving a community or region of the state.
b. The organization has a record of supporting or otherwise participating in economic development activities in some part of Alabama.
(4) RENEWAL OF ALABAMA COMMISSION. The Renewal of Alabama Commission created by Section 40-18-402.
(5) SITE. Real property owned by a local economic development organization and intended for use by an industry or business.
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