15-24-2001. Definitions.
106 words·~1 min read·
/mt/title-15/chapter-24/part-20/15-24-2001·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
15-24-2001 . Definitions. Unless the context requires otherwise, the following definitions apply to this part:
(1)"Building and land" means commercial improvements and land sold or donated to a local economic development organization for subsequent sale or lease to a profit-oriented, employment-stimulating business. The term includes commercial property that has not been used in a business for 6 months immediately preceding the sale or donation of the building and land to the local economic development organization.
(2)"Local economic development organization" means a private, nonprofit organization whose primary purposes are to develop the economy of its area and to provide assistance to businesses in that area.