Terms used in this chapter mean: (1) "Department," the Department of Revenue; (2) "District," a tax increment financing district in a contiguous geographic area within a political subdivision, which is defined and created by resolution of the governing body, provided that parcels that are not otherwise adjacent are not contiguous based solely on the existence of an easement, right-of-way, transportation corridor, or waterway connecting the parcels, unless the parcels are: (a) Separated only by the easement, right-of-way, transportation corridor, or waterway; and (b) Located directly opposite one another; (3) "Governing body," a board of commissioners, board of trustees, common council, or other authoritative body by which a political subdivision is controlled; (4) "Grant," the transfer of money or property to a transferee for a governmental purpose that is not a related party to or an agent of the political subdivision; (5) "Planning commission," a planning commission created under chapter 11-2 or 11-6 , a planning committee of a political subdivision that does not have a planning commission, or the governing body of a political subdivision that does not have a planning commission or planning committee; (6) "Political subdivision," a municipality, as defined in § 11-6-1 , or county of this state; (7) "Project plan," an approved plan for the development or redevelopment of a district and all approved amendments to the plan; (8) "Taxable property," all real and personal taxable property located in a district; and (9) "Tax increment valuation," the total value of the district minus the tax increment base as determined pursuant to § 11-9-19 .
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