The following definitions shall apply in this chapter:

    1.a. "Community development organization" means an organization, which meets the membership requirements of subparagraph b., formed within the City for one or more of the following purposes:

          (1) To promote, stimulate, develop, and advance the business prosperity and economic welfare of the community, area, or region and its citizens.

          (2) To encourage and assist the location of new business and industry.

          (3) To rehabilitate and assist existing business and industry.

          (4) To stimulate and assist in the expansion of business activity.

        b. For purposes of this definition, a community development organization must have at least fifteen members with representation from the following:

            (1) A representative from government at the level or levels corresponding to the community development organization's area of operation.

            (2) A representative from a private sector lending institution.

            (3) A representative of a community organization in the area.

            (4) A representative of business in the area.

             (5) A representative of private citizens in the community, area, or region.

    2. "New construction" means:

        a. New buildings or structures and includes new buildings or structures which are constructed as additions to existing buildings or structures.

        b. 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:

            (1) The reconstruction or renovation of the existing building or structure is required due to economic obsolescence, and

            (2) The reconstruction or renovation is necessary to implement recognized industry standards for the manufacturing or processing of products, and

            (3) The reconstruction or renovation is required in order to competitively manufacture or process products or for community development organizations or for-profit entities to market a building or structure as a speculative shell building.

        c. The determinations required in b. must receive prior approval from the city council of the City of Sioux City, Iowa.

    3. "Speculative shell building" means a building or structure owned and constructed or reconstructed by a community development organization 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.  (Ord. 94/U-1663)