Definitions

Definitions. Definitions. In this chapter: (1) “Economic development corporation” has the meaning described in s. 501 (c) of the Internal Revenue Code, as defined in s. 71.22 (4) , Stats., that is exempt from federal taxation under section 501 (a) of the Internal Revenue Code, or an entity wholly owned and operated by such a corporation, with respect to property acquired to further the economic development purposes that exempt the corporation from federal taxation. (2) “Local governmental unit” has the meaning specified in s. 292.11 (9) (e) 1. , Stats.