As used in this article, the following terms have the following meanings:

(1) AUTHORITY. The public corporation organized pursuant to Article 2.
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Terms Used In Alabama Code 41-10-47.02

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • following: means next after. See Alabama Code 1-1-1
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(2) BOARD. The board of directors of the authority.
(3) COMPANY. Any person that has employees and conducts an activity listed in Section 40-18-372(1).
(4) LOCAL ECOMONIC DEVELOPMENT ORGANIZATION. Any organization that is determined by the authority to meet both of the following criteria:

a. The organization is an Alabama entity not operating for profit, including, but not limited to, a municipality, county, industrial development board, industrial development authority, chamber of commerce, or some other foundation or nonprofit organization charged with improving a community or region of the state.
b. The organization has a record of supporting or otherwise participating in economic development in some part of the state.
(5) FUND. The Alabama Site Development Fund created by this article.
(6) SITE. Any parcel of real property intended for development by a company.
(7) STATEWIDE ECONOMIC DEVELOPMENT ORGANIZATION. An organization that is determined by the authority to be an Alabama entity not operating for profit which is charged with improving the state or a region of the state and has a record of supporting or otherwise participating in economic development in the state.
(8) TARGETED COUNTY. Any Alabama county that is described in Section 40-18-376.1.
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