As used in this article, the following terms have the following meanings:

1. (1) AUTHORITY. The public corporation organized pursuant to Article 2.
2. (2) BOARD. The board of directors of the authority.
3. (3) COMPANY. Any person that has employees and conducts an activity listed in Section 40-18-372(1).
4. (4) FUND. The Alabama Site Development Fund created by this article.

5. (5) LOCAL ECOMONIC DEVELOPMENT ORGANIZATION. Any organization that is determined by the authority to meet both of the following criteria:

   1. a. The organization is an Alabama entity not operating for profit, including, but not limited to, a municipality, county, industrial development board, industrial development authority, chamber of commerce, or some other foundation or nonprofit organization charged with improving a community or region of the state.
   2. b. The organization has a record of supporting or otherwise participating in economic development in some part of the state.
6. (6) SITE. Any parcel of real property intended for development by a company.
7. (7) STATEWIDE ECONOMIC DEVELOPMENT ORGANIZATION. An organization that is determined by the authority 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.
8. (8) TARGETED COUNTY. Any Alabama county that is described in Section 40-18-376.1.

(Act 2023-35, §1)