As used in this chapter, unless the context otherwise requires:
(1) “City” means any city of the first class, any city of the second class, or any incorporated town established by the laws of the State of Arkansas;
(2) “County” means any county in the State of Arkansas;
(3) “Economic development grant program” means a governmental program to award grants to nonprofit corporations to encourage the location, relocation, creation, or development of a business, industry, manufacturing facility, transportation facility, or other economic unit which creates jobs, employs people, or generates economic activity;
(4) “Grant” means an award or transfer of public funds to a nonprofit corporation under a set of prescribed criteria to accomplish the public purpose of economic development in the city or in the county or in their surrounding areas; and
(5) “Grantee” means the nonprofit corporation to whom the grant is awarded based on the prescribed criteria for awarding the funds under the establishing ordinance.