Subdivision 1. Terms. For the purposes of this chapter, the following terms have the meaning given them.
Subd. 2. Board. "Board" means the Urban Initiative Board.
Subd. 3. Commissioner. "Commissioner" means the commissioner of employment and economic development.
Subd. 4. Low-income area. "Low-income area" means:
(1) Minneapolis, St. Paul;
(2) those cities in the metropolitan area as defined in section 473.121, subdivision 2, that have an average income that is below 80 percent of the median income for a four-person family as of the latest report by the United States Census Bureau; and
(3) those cities in the metropolitan area, which contain two or more contiguous census tracts in which the average family income is less than 80 percent of the median family income for the Twin Cities metropolitan area.
Subd. 5. Minority business enterprise. "Minority business enterprise" means a business that is majority owned and operated by persons belonging to a racial or ethnic minority as defined in Code of Federal Regulations, title 49, section 23.5.