"Economic development project" means any project that:

1. (1) the county, city, or town determines will:

   1. (A) promote significant opportunities for the gainful employment of its citizens;
   2. (B) attract a major new business enterprise to the county, city, or town; or
   3. (C) retain or expand a significant business enterprise within the county, city, or town; and

2. (2) involves an expenditure for:

   1. (A) the acquisition of land;
   2. (B) interests in land;
   3. (C) site improvements;
   4. (D) infrastructure improvements;
   5. (E) buildings;
   6. (F) structures;
   7. (G) rehabilitation, renovation, and enlargement of buildings and structures;
   8. (H) machinery;
   9. (I) equipment;
   10. (J) furnishings;
   11. (K) facilities;
   12. (L) administrative expenses associated with a project described in this section, including contract payments to a nonprofit corporation whose primary corporate purpose is to assist government in planning and implementing economic development projects;
   13. (M) operating expenses of a governmental entity that plans or implements economic development projects; or

   14. (N) substance removal or remedial action in a designated county, city, or town;

       or any combination of these.

As added by P.L.243-2015, SEC.10.