The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Anchor tenant.” A tenant other than a retailer, provided that the tenant has an incubator lease of more than two years.

“Board.” The Board of the Ben Franklin Partnership Fund as established by the act of December 6, 1982 (P.L. 774, No. 223), entitled “An act amending the act of April 9, 1929 (P.L. 177, No. 175), entitled ‘An act providing for and reorganizing the conduct of the executive and administrative work of the Commonwealth by the Executive Department thereof and the administrative departments, boards, commissions, and officers thereof, including the boards of trustees of State Normal Schools, or Teachers Colleges; abolishing, creating, reorganizing or authorizing the reorganization of certain administrative departments, boards, and commissions; defining the powers and duties of the Governor and other executive and administrative officers, and of the several administrative departments, boards, commissions, and officers; fixing the salaries of the Governor, Lieutenant Governor, and certain other executive and administrative officers; providing for the appointment of certain administrative officers, and of all deputies and other assistants and employes in certain departments, boards, and commissions; and prescribing the manner in which the number and compensation of the deputies and all other assistants and employes of certain departments, boards and commissions shall be determined,’ changing the name of the Pennsylvania Science and Engineering Foundation and further providing for membership on and duties of the board.”¹

“Incubator.” A facility in which small units of space may be leased by a tenant and in which management maintains or provides access to business development services for use by tenants.

“Local sponsor” or “sponsor.” An organization which enters into a written agreement with the board to establish, operate and administer a small business incubator facility or to provide funding to an organization which operates such a facility, including municipalities, local development districts of the Appalachian Regional Commission, industrial and commercial development authorities established pursuant to the act of August 23, 1967 (P.L. 251, No. 102), known as the Industrial and Commercial Development Authority Law,² redevelopment authorities established pursuant to the act of May 24, 1945 (P.L. 991, No. 385), known as the Urban Redevelopment Law,³ municipal authorities organized pursuant to the act of May 2, 1945 (P.L. 382, No. 164), known as the Municipality Authorities Act of 1945,⁴ or any private nonprofit or for-profit organization approved by the board.

“Seed capital fund.” A special investment vehicle which provides equity and other capital to small businesses during the earliest stages of business growth, including businesses in incubators.

“Tenant.” A sole proprietorship, business partnership or corporation operating a business for profit or, if permitted by this act, not for profit, and leasing or otherwise occupying space in an incubator.