As used in this chapter:

1. (1) "Department" means the State Department of Commerce.
2. (2) "Economic development project" or " project" means a project as defined in Section 12-44-30(16) in which a total of at least four hundred million dollars is invested by the sponsor and at least four hundred new jobs are created at the project by the sponsor. To qualify as an economic development project for purposes of this chapter, the investment and job creation requirements must be attained no later than the eighth year after the project first begins operations.

3. (3) "Infrastructure" must relate specifically to the economic development project and means:

   1. (a) land acquisition;
   2. (b) site preparation;
   3. (c) road and highway improvements;
   4. (d) rail spur construction;
   5. (e) water service;
   6. (f) wastewater treatment;
   7. (g) employee training which may include equipment used for such purpose;
   8. (h) environmental mitigation; and
   9. (i) training and research facilities and the necessary equipment therefor.
4. (4) "Investment" means money expended by the sponsor on capital assets directly related to the economic development project and does not include amounts expended in aid of the project by the State pursuant to this chapter or otherwise, or amounts expended in aid of the project by a county, municipality, or a special purpose district, however financed.
5. (5) "Sponsor" means a sole proprietor, partnership, corporation of any classification, limited liability company, or association taxable as a business entity or any combination of these entities.
6. (6) "State general obligation economic development bonds" or "economic development bonds" or "bonds" means general obligation bonds of this State issued under the authority of this chapter.
7. (7) "New job" means a full-time job created in this State at an economic development project. The term does not include a job created when an employee is shifted from an existing location in this State to a new or expanded facility whether the transferred job is from, or to, a project of the sponsor or a related person. A related person includes any entity or person that bears a relationship to the sponsor as described in Section 267 of the Internal Revenue Code of 1986. Full time means a job requiring a minimum of thirty-five hours of an employee's time a week for the entire normal year of sponsor operations or a job requiring a minimum of thirty-five hours of an employee's time a week for a year if the employee was hired initially for or transferred to the project. Two half-time jobs are considered one full-time job. A half-time job is a job requiring a minimum of twenty hours of an employee's time a week otherwise meeting the full-time job requirements.