Tennessee § 13-28-208 - Enterprise zone development corporations — Funding — Employment.

§ 13-28-208. Enterprise zone development corporations — Funding — Employment.

Communities which succeed in establishing designated enterprise zones shall be empowered to set up nonprofit enterprise zone development corporations with the agreement of affected governmental entities under existing state legislation (industrial development corporations, compiled in title 7, chapter 53) which empowers such corporations to take title or own, acquire or manage real property, to solicit and accept grants and contributions from any source, and to make loans and grants in accordance with this part. In addition to establishing such corporations in accordance with title 7, chapter 53, the enterprise zone development corporations shall be composed as follows: One half (½) of the members shall be selected at-large; One fourth (¼) of the members shall be selected from residents of the proposed zone; and One fourth (¼) of the members shall be selected from managers or operators of businesses located within the proposed zone. The enterprise zone development corporation shall not be vested with the power of eminent domain. The enterprise zone development corporation shall not have the authority to issue bonds. A minimum of ten percent (10%) of the allocation of funds for low interest loans administered by local government will be set aside for use of qualified residents/owners in the enterprise zone subject to an annual review. A qualified business in an enterprise zone shall employ at least thirty percent (30%) of qualified zone residents meeting the requirements of new jobs created by such business. Acts 1989, ch. 541, § 8.