For the purposes of this article, the following terms have the following meanings:

1. (1) BOARD. The governing board of the corporation.
2. (2) CORPORATION. The Alabama Growth Alliance created by this article as a public corporation having a legal existence separate and apart from the state and any county, municipality, or political subdivision.

3. (3) ECONOMIC DEVELOPMENT ENTITY.

   1. a. A nonprofit corporation that possesses all of the following characteristics:

      1. 1. Is organized as a nonprofit corporation exempt from federal income tax under 26 U.S.C. § 501(c).
      2. 2. Has a record of, or can demonstrate that it is capable of, serving the entire state on matters involving economic development.
      3. 3. Has a record of, or can demonstrate that it is capable of, developing, fostering, and implementing economic development policies and strategies across Alabama.
      4. 4. Has received, or is eligible to receive, grant funding from the state or from federal or private sources.
   2. b. In determining whether a nonprofit corporation qualifies as an economic development entity, the board may attribute to the nonprofit corporation the experiences of its officers, staff, and directors with other nonprofit corporations.

(Act 2024-309, §2.)