Section 40-18-417.1
DEFINITIONS.
For the purposes of this article, the following words and phrases shall have the following meanings:
(1) ACCELERATOR. A company that, for a fixed term, educates and mentors early-stage technology companies recruited to a location in Alabama, with the goal of accelerating the companies’ development and growth.
(2) CAPITAL IMPROVEMENTS. Construction and rehabilitation expenses of a capital nature at an inland port or intermodal facility, the dredging of waterways in the immediate vicinity of an inland port, and the expansion of onsite storage facilities at an inland port or intermodal facility.
(3) ECONOMIC DEVELOPMENT ACTIVITIES. Activities and initiatives that enhance the use of, and flow of goods through, an inland port or intermodal facility.
(4) ECONOMIC DEVELOPMENT ORGANIZATION. A local economic development organization or a state economic development organization.
(5) GROWING ALABAMA CREDIT. The credit provided for in subsection (a) of Section 40-18-417.4.
(6) INDUSTRY or BUSINESS. An entity that would conduct at a site an activity that is primarily described in Section 40-18-372(1).
(7) INLAND PORT. Any port on a navigable river away from traditional land, air, and coastal borders.
(8) INTERMODAL FACILITY. Any facility that interconnects two or more different modes of air, rail, or road traffic serving multiple customers, and which involves storage facilities.
(9) 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 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 in some part of this state.
(10) RENEWAL OF ALABAMA COMMISSION. The Renewal of Alabama Commission created by Section 40-18-402.
(11) SITE. Real property owned by a local economic development organization and intended for use by an industry or business.
(12) STATE ECONOMIC DEVELOPMENT ORGANIZATION. An organization that is determined by the Department of Commerce 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.
(Act 2021-2, §3; Act 2021-423, §3.)