In this title, the following words have the meanings indicated.
(1) "Anne Arundel County Economic Development Corporation" means a nonprofit, nonstock corporation that:
(i) is organized and operated under the laws of the State of Maryland;
(ii) is headquartered in Anne Arundel County, Maryland;
(iii) meets the requirements for tax-exempt status under 26 U.S.C. § 501;
(iv) performs all of the functions previously performed by the County Office of Economic Development;
(v) has as its exclusive corporate purpose the operation of the Anne Arundel County Economic Development Program; and
(vi) provides, by its charter or bylaws, for a majority of the members of its board of directors to be appointed by and subject to removal by the County Executive and for the County Executive's Economic Development Officer to serve, ex officio, as the corporation's chief executive officer.
(2) "Anne Arundel County Economic Development Incentive Loan Program" means a program to provide financing assistance to businesses to start, expand, retain, or relocate a business activity in Anne Arundel County if the business demonstrates that start-up, expansion, retention, or relocation financing cannot be obtained on reasonable terms in the conventional commercial marketplace.
(3) "Anne Arundel County Economic Development Program" means a program to promote economic development in Anne Arundel County, including at a minimum:
(i) promoting Anne Arundel County as a world-class business environment;
(ii) recruiting new business to Anne Arundel County;
(iii) expanding the commercial and industrial tax base of Anne Arundel County;
(iv) advocating policies, regulations, and laws that encourage sound economic growth;
(v) developing job opportunities for County residents;
(vi) assisting existing employers to remain and grow in Anne Arundel County; and
(vii) administering the Economic Development Incentive Loan Program.
(1985 Code, Art. 2, § 9-101) (Bill No. 41-93; Bill No. 30-08)