Section 73.1. Definitions

The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

Act—The Pennsylvania Industrial Development Authority Act (73 P. S. § § 301—314).

Authority—The Pennsylvania Industrial Development Authority.

Beneficial owner—A person or entity other than an industrial occupant, who has acquired or will acquire title to an industrial development project from an industrial development agency, and who has leased or will lease the industrial development project to an industrial occupant. The term includes an individual, a husband and wife, a partnership or a corporation.

Industrial development agency or agency—A nonprofit corporation to which the Authority is empowered to make loans.

Industrial occupant—An enterprise which occupies and operates an industrial development project. An industrial occupant may also acquire title to an industrial development project. The term includes a sole proprietorship, a partnership or a corporation.

Job or full-time equivalent job or full-time equivalent employment—One thousand nine hundred fifty hours of compensated work per year.

Project—A site, structure, facility, land or an undertaking for which the Authority is empowered to make loans. The term includes an industrial development project, an industrial park project and a multiple-tenancy building project, as defined in the act.