Terms used in this chapter mean:
(1) "Department," the Department of Revenue;
(2) "District," a tax increment financing district;
(3) "Governing body," the board of trustees, the board of commissioners, the board of county commissioners, or the common council of a municipality;
(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 chapters 11-2 or 11-6, a planning committee of a governing body 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," the properly approved plan for the development or redevelopment of a tax increment financing district including all properly approved amendments to the plan;
(8) "Tax increment financing district," a contiguous geographic area within a political subdivision defined and created by resolution of the governing body;
(9) "Taxable property," all real and personal taxable property located in a tax increment financing district;
(10) "Tax increment valuation," the total value of the tax increment financing district minus the tax increment base as determined pursuant to § 11-9-19.