(a)      In this subtitle, the following words have the meanings indicated.

      (b)      "Bonds" means all bonds and notes of the Corporation, including bond anticipation notes, revenue anticipation notes, grant anticipation notes, refunding bonds, notes in the nature of commercial paper, or other evidences of indebtedness of the Corporation, whether general or limited obligations of the Corporation issued under this subtitle.

      (c)      "Corporation" means the Maryland Economic Development Corporation.

      (d)      "Cost" shall include the purchase price of any project or the cost of acquiring all or any portion of the right, title, or interest of a project and the amount to be paid to discharge all obligations necessary or desirable to vest title to the project or any part of it in the Corporation or other owner; the cost of any reconstruction, extension, enlargement, alteration, repair, or improvement; the cost of all lands, properties, rights, easements, franchises, and permits; the cost of all labor, machinery, and equipment; financing charges; interest before and during construction and, if deemed desirable by the Corporation, for a limited period after the completion of construction; reserves for principal and interest and for extensions, enlargements, additions, and improvements; the cost of revenue estimates, engineering, and legal services, plans, designs, specifications, surveys, investigations, demonstrations, studies, estimates of cost, other expenses necessary or incident to determining the feasibility or practicability of any such acquisition, improvement, repair, or construction; administrative expenses, and other expenses as necessary or incident to project financings, and to the acquisition, operation, maintenance, improvement, and construction of a project and the placing of the same in operation by the Corporation or other owner, including reasonable provision for working capital.

      (e)      "Includes or including" means includes or including by way of illustration and not by way of limitation.

      (f)      (1)      "Person" means any natural person, corporation, firm, partnership, company, limited liability company, cooperative, political subdivision, or other entity, whether operating for profit or not for profit.

            (2)      "Person" includes any entity described in paragraph (1) of this subsection that is created, owned, or controlled by the corporation or any entity described in paragraph (1) of this subsection of which the corporation is a member.

      (g)      "Political subdivision" means any county, municipal corporation, State or local agency, or other public body or agency created or established under State or local law.

      (h)      (1)      "Project" means, except as provided in paragraph (3) of this subsection, any property, the acquisition, construction, reconstruction, equipping, expansion, extension, improvement, rehabilitation, or remodeling of which the Board of Directors of the Corporation, in its sole and absolute discretion, finds and determines by resolution will accomplish at least one of the legislative purposes listed in § 5-202(b) of this subtitle, whether the property, or any interest in the property:

                  (i)      Is or will be used or operated for profit or not for profit;

                  (ii)      Is or will be located on a single site or multiple sites; or

                  (iii)      May be financed by bonds, the interest on which is exempt from federal income taxation under federal law.

            (2)      "Project" includes:

                  (i)      Land or any interest in land;

                  (ii)      Buildings, structures, machinery, equipment, furnishings, rail or motor vehicles, barges, and boats;

                  (iii)      Real or personal property, or any combination of them, and rights related to the property, appurtenances, rights-of-way, franchises, easements, and other interests in land;

                  (iv)      Land and facilities which are functionally related and subordinate to the project; and

                  (v)      Patents, licenses, and other rights necessary or useful in the construction or operation of a project.

            (3)      "Project" does not include property:

                  (i)      That is eligible to be financed under Article 43C of the Code; and

                  (ii)      For which any bonds issued to finance the property are payable or guaranteed, directly or indirectly, by a "hospital", "institution for higher education", or "noncollegiate educational institution" as these terms are defined under Article 43C, § 3 of the Code.

      (i)      "Revenues" includes all income, revenues, and other moneys received by the Corporation from or in connection with any project, including grants, rentals, rates, fees, charges for the use of the services furnished or available, and all other income inuring to the Corporation; provided that the Corporation may further define or limit the term "revenues" as applied to a particular project, financing, or other matter.