(a) Communities which succeed in establishing designated enterprise zones shall be empowered to set up nonprofit enterprise zone development corporations with the agreement of affected governmental entities under existing state legislation (industrial development corporations, compiled in title 7, chapter 53) which empowers such corporations to take title or own, acquire or manage real property, to solicit and accept grants and contributions from any source, and to make loans and grants in accordance with this part.
Terms Used In Tennessee Code 13-28-208
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.
Enterprise zone: means an area declared by the board to be eligible for the benefits of this part. See Tennessee Code 13-28-203
Qualified business: means any person, corporation or other entity engaged in the active conduct of a trade or business within a designated enterprise zone, except that for chain stores or other businesses or industries with multiple locations, only those locations or operations within the zone shall be considered as qualified businesses. See Tennessee Code 13-28-203
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 Tennessee Code 1-3-105
(b) In addition to establishing such corporations in accordance with title 7, chapter 53, the enterprise zone development corporations shall be composed as follows:
(1) One half (1/2) of the members shall be selected at-large;(2) One fourth (1/4) of the members shall be selected from residents of the proposed zone; and(3) One fourth (1/4) of the members shall be selected from managers or operators of businesses located within the proposed zone.(c) The enterprise zone development corporation shall not be vested with the power of eminent domain. The enterprise zone development corporation shall not have the authority to issue bonds.(d) A minimum of ten percent (10%) of the allocation of funds for low interest loans administered by local government will be set aside for use of qualified residents/owners in the enterprise zone subject to an annual review.(e) A qualified business in an enterprise zone shall employ at least thirty percent (30%) of qualified zone residents meeting the requirements of new jobs created by such business.
