For use in this chapter the following terms are defined:
1. “Community development organization” means a City organization or a multi-community group formed for one or more of the following purposes:
A. To promote, stimulate, develop, and advance the business prosperity and economic welfare of the community, area, or region and its citizens.
B. To encourage and assist the location of new business and industry.
C. To rehabilitate and assist existing business and industry.
D. To stimulate and assist in the expansion of business activity.
For purposes of this definition, a community development organization must have at least fifteen (15) members with representation from the government at the level or levels corresponding to the community development organization’s area of operation; a private sector lending institution; a community organization in the area; business in the area; and private citizens in the community.
2. “New construction” means new buildings or structures and includes new buildings or structures which are constructed as additions to existing buildings or structures. “New construction” also includes reconstruction or renovation of an existing building or structure which constitutes complete replacement of an existing building or structure or refitting of an existing building or structure, if the reconstruction or renovation of the existing building or structure is required due to economic obsolescence, if the reconstruction or renovation is necessary to implement recognized industry standards for the manufacturing or processing of products, and the reconstruction or renovation is required in order to competitively manufacture or process products or for community development organizations, not-for-profit cooperative associations under Chapter 499 of the Code of Iowa, or for-profit entities to market a building or structure as a speculative shell building, which determination must receive prior approval from the Council.
3. “Speculative shell building” means a building or structure owned and constructed or reconstructed by a community development organization, a not-for-profit cooperative association under Chapter 499 of the Code of Iowa, or a for-profit entity 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.