The following definitions shall apply to the terms used in this chapter:
COMMUNITY DEVELOPMENT ORGANIZATION: A. An organization, which meets the membership requirements set forth below, formed within a City or County or multicommunity group for one (1) or more of the following purposes:
1. To promote, stimulate, develop, and advance the business prosperity and economic welfare of the community, area, or region and its citizens.
2. To encourage and assist the location of new business and industry.
3. To rehabilitate and assist existing business and industry.
4. To stimulate and assist in the expansion of business activity.
B. For purposes of this definition, a "community development organization" must have at least fifteen (15) members with representation from the following:
1. A representative from government at the level or levels corresponding to the community development organization's area of operation.
2. A representative from a private sector lending institution.
3. A representative of a community organization in the area.
4. A representative of business in the area.
5. A representative of private citizens in the community, area, or region.
SPECULATIVE SHELL BUILDING: A building or structure owned and constructed or reconstructed by a community development organization, a not for profit cooperative association under Iowa Code chapter 499, without a tenant or buyer for the purpose of attracting an employer or user which will complete the building to the employer's or user's specification for manufacturing, processing, or warehousing the employer's or user's product line. (Ord. 02-03, 2-5-2002)