Sec. 4. (a) As used in this chapter, "qualified nonprofit organization" means a private, nonprofit entity formed as a partnership between local units, private sector businesses, or community or philanthropic organizations to develop and implement a regional economic acceleration and development strategy that has an organizational structure that conforms with the requirements of a policy developed by the corporation under section 16 of this chapter.
(b) For purposes of subsection (a), a "local unit" means a county, city, town, township, or school corporation.