Section 45-51A-31.21 Definitions.

The following words and phrases used in this subpart, in the absence of clear implication otherwise, shall be given the following interpretations: (1) AUTHORITY. The Montgomery I-65 Corridor Development Authority. (2) BOARD. The board of directors of the authority. (3) BONDS. Includes bonds, notes, and certificates representing an obligation to pay money. (4) CITY. City of Montgomery, Alabama. (5) COUNTY. Montgomery County, Alabama. (6) DIRECTOR. A member of the board of the authority. (7) GOVERNING BODY. With respect to the county, its county commission, and with respect to the city, its city council, or other like governing body. (8) I-65 CORRIDOR GEOGRAPHIC AREA. The area within the municipal limits of the City of Montgomery and the unincorporated area of Montgomery County defined by the authority and approved by resolution of the governing bodies of the city and the county. In the event the authority desires to alter the boundaries of the I-65 corridor geographic area, then such proposed altered boundaries must be approved by resolution of the governing bodies of the city and county, and upon approval by the governing bodies of the city and county, must be approved by a majority vote of the Class C members of the board. (9) OBLIGATIONS. The obligations of the authority that the authority is legally permitted to issue or incur under the general laws of the State of Alabama. (10) OWNER. The person or persons in whose name property within the boundaries of the authority is assessed for ad valorem property tax purposes. Notwithstanding the preceding sentence, in the case of a trust, the owner of the property is the trustee; in the case of an estate, the owner of the property is the executor or administrator; in the case of a minor, the owner of the property is the guardian, or other personal representative. Owner only includes the holders of present interests, and not the holders of future interests in property. In the case of land with respect to which a person owns an option to purchase or a contract to purchase, the holder of the option or purchase contract shall be considered the owner, rather than the person holding legal title to the real estate, provided that the person owning an option or real estate contract certifies under oath that the person will purchase real estate in accordance with the option or purchase contract within 30 days after formation of the authority and demonstrates to the been filed that the person is capable of making a purchase. (11) PERSON. Unless limited to a natural person by the context in which it is used, includes a public or private corporation or other entity, a municipality, a county, or an agency, department, or instrumentality of the state, or of a county or municipality. (12) PRINCIPAL OFFICE. The place at which the certificate of incorporation and amendments thereto, the bylaws, and the minutes of the proceedings of the board of the authority are kept. (13) PROJECT. a. Any land and any building or other improvement thereon and all real and personal properties deemed necessary in connection therewith, whether or not now in existence, which shall be suitable for use by the following or by any combination of two or more of the following: 1. Any commercial enterprise including, but not limited to, those engaged in the manufacturing, processing, assembling, storing, ware-housing, distributing, or selling of any products of agriculture, mining, or industry. 2. Any enterprise for the purpose of research in connection with: (i) Any of the foregoing. (ii) The development of new products or new processes. (iii) The improvement of existing products or known processes. 3. Any commercial enterprise engaged in selling, servicing, providing, or handling any policies of insurance or any financial services. 4. Any enterprise for the purpose of providing any type of professional or similar services. b. Any land and any building or other improvement thereon and all real and personal property deemed necessary in connection therewith, whether or not now in existence, which shall be suitable for use as all or any part of the following: 1. An office building or buildings. 2. A hotel, including parking facilities, facilities for meetings, and facilities suitable for rental to persons engaged in any business, trade, profession, occupation, or activity. 3. A shopping center or similar facility suitable for use by two or more commercial enterprises engaged in any business, trade, profession, occupation, or activity; provided, that a project shall not include facilities, other than office buildings or other buildings suitable for use as corporate headquarters, designed for the sale or distribution to the public of electricity, gas, water, or telephone, or other services commonly classified as public utilities. c. Any infrastructure or improvements as defined in Section 11-99A-2 to support the development or redevelopment of the I-65 corridor area. (14) STATE. The State of Alabama.